CopperPoint to acquire surety specialist GIG in US insurance deal

US insurer CopperPoint Insurance Company has entered into a definitive statement to bargain General Indemnity Group (GIG), an security holding institution focused connected commercialized and declaration surety solutions.

Financial presumption of the transaction were not disclosed.

The transaction covers GIG's afloat portfolio of subsidiaries: insurer United Casualty & Surety Insurance Company (UCS), surety placement level BOSS Bonds and exertion level SuretyBonds.Market.

GIG provides services crossed each 50 US states and facilitates tens of thousands of bonds for construction, commercialized and nationalist assemblage projects.

Established successful 2015, GIG has built its concern astir technology-led operations successful the surety sector.

The woody is designed to bring unneurotic GIG's integer infrastructure and assemblage expertise with CopperPoint's organisation relationships crossed agents and brokers, arsenic good arsenic its wider organisational resources.

Once complete, GIG volition proceed to run retired of Boston, which volition service arsenic a determination hub wrong CopperPoint's nationalist network.

CopperPoint volition clasp its office successful Phoenix, Arizona.

GIG president Dave Herman said: “Joining CopperPoint allows america to standard our operations, proceed to heighten our exertion and work offerings, and bring our expertise to a broader lawsuit base, yet unlocking a caller signifier of accelerated maturation for our organisation.

“With our nationalist footprint, we are anxious to lend to CopperPoint’s geographic enlargement and to proceed delivering innovative solutions to the security marketplace.”

CopperPoint traces its origins to 1925, erstwhile it was established arsenic Arizona's workers' compensation authorities fund.

It converted to a communal security institution successful 2013 and contiguous reports full assets of $5.27bn and endeavor surplus supra $1.97bn.

Its operations are anchored successful a 15-state Western footprint.

The company's firm parent, CopperPoint Mutual Insurance Holding Company, besides oversees the Pacific Compensation Insurance Company and Alaska National Insurance Company.

Closing of the transaction remains taxable to regulatory approvals and customary conditions.

CopperPoint president and CEO Kellen Booher added: “CopperPoint is arrogant to invited GIG’s incredibly talented team, and we look guardant to gathering unneurotic connected their beardown way grounds of maturation and innovation. Their wide absorption connected service, expertise and gathering for the agelong word marque this some a taste and a strategical fit.”

"CopperPoint to get surety specializer GIG successful US security deal" was primitively created and published by Life Insurance International, a GlobalData owned brand.