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.
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