CopperPoint Acquires GIG for $84.3 Million
CopperPoint Insurance Company has completed its acquisition of General Indemnity Group, Boston Omaha Corporation’s surety insurance business, for approximately $84.3 million in cash.
The transaction, first announced on Agency Checklists in May of this year, transfers all outstanding interests in GIG to CopperPoint while Boston Omaha retains certain Sky Harbour shares and a final cash dividend tied to GIG’s prior Breezeway investment.
In commenting on the announcement, Adam K. Peterson, Boston Omaha’s President and Chief Executive Officer, noted that “We greatly appreciate the leadership of Dave Herman and Bob Thomas in managing the revenue growth, expanding the scope of the surety business, and building out our technology portal for brokers over the last several years. We believe that the GIG team’s capabilities combined with CopperPoint’s scale, financial strength, and excellent reputation will position the surety insurance business for continued growth in the future.”
Structured as an all-cash transaction, the deal terms provide CopperPoint with all outstanding interests in GIG for a gross sales price of $84,308,757. As part of the terms of the agreement, Boston Omaha retains all 2,673,831 shares of Sky Harbour Class A common stock (NYSE:SKYH) previously contributed by Boston Omaha to UCS, as well as retaining a final cash dividend of $326,371, representing the remaining cash received by GIG from the sale in January 2026 of its preferred stock position in Breezeway Homes, Inc.
Terms of the sale have not changed from the deal terms announced when the parties entered into a Securities Purchase Agreement on May 18, 2026.
Quincy-Based UCS Provides Massachusetts Connection
As Agency Checklists reported in 2016, United Casualty & Surety Insurance Company was a Quincy-based insurer run by the Carrigan family. At that time, the insurer’s principal lines of business were surety and fidelity bond coverages, with a primary specialization in providing surety bonds. According to documents from that sale, , General Indemnity Group, then a subsidiary of Boston Omaha Corporation, entered into an agreement to acquire the Quincy-based surety insurer for $13 million.
Transaction Builds on GIG’s Surety Growth Strategy
Noted at the time, the 2016 transaction highlighted GIG’s stated strategy of combining direct distribution with traditional agency relationships while pursuing acquisitions involving insurers, agencies, and managing general agencies. In commenting on its upcoming sale in 2026, Dave Herman, president of GIG said the following.
“This is a transformative moment for our organization and an exciting next chapter for our team. Joining CopperPoint allows us to scale our operations, continue to enhance our technology and service offerings, and bring our expertise to a broader customer base, ultimately unlocking a new phase of accelerated growth for our organization.”
Herman said the partnership would combine GIG’s “technology-driven ease-of-doing business approach and specialized surety expertise” with CopperPoint’s agent and broker relationships, resources, and complementary capabilities.
SEC Filing Provides Additional Transaction Details
For those individuals interested in obtaining further information regarding the sale transaction, including a copy of the securities purchase agreement, it is available on a Form 8-K filed by Boston Omaha on May 18, 2026 with the U.S. Securities and Exchange Commission. The Form 8-K is available at both www.sec.gov and on Boston Omaha’s website at www.bostonomaha.com.
Additionally, Boston Omaha has filed a Form 8-K regarding the sale and will be filing an amendment to the Form 8-K by October 29, 2026, containing the pro forma financial information required by Item 2.01 of Form 8-K.
According to the company, proceeds from the sale will be held as cash and cash equivalents at Boston Omaha, to be deployed into opportunities as they come about, whether that is within Boston Omaha’s current business interests, new investments, and/or to fund the Company’s recently announced $30 million share repurchase plan.
More About Boston Omaha Corporation
Boston Omaha Corporation is a public holding company with wholly-owned subsidiaries engaged in outdoor advertising, broadband telecommunications services, and asset management.
