RLI Corp., a specialty insurance company, has closed the purchase of Contractors Bonding and Insurance Co. (CBIC), a privately held, Seattle-based insurance company specializing in surety bonds and related niche property and casualty insurance products for approximately $136 million in cash.
CBIC serves 30,000 contractors and 4,000 insurance agents and brokers nationwide.
“We are excited about the opportunities this acquisition creates, as it will allow us to offer enhanced products and solutions to both CBIC and RLI customers in more locations across the country,” said Jonathan E. Michael, president and CEO of RLI Corp.
Source: RLI Corp.
Was this article valuable?
Here are more articles you may enjoy.
Canceled FEMA Review Council Vote Leaves Flood Insurance Reforms in Limbo 
One out of 10 Cars Sold in Europe Is Now Made by a Chinese Brand 
Charges Dropped Against ‘Poster Boy’ Contractor Accused of Insurance Fraud 
US Will Test Infant Formula to See If Botulism Is Wider Risk 
Want to stay up to date?
Get the latest insurance news
sent straight to your inbox.