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Houston International Insurance Group said Tuesday that it signed a stock purchase agreement with Bondex Insurance Group to acquire surety insurer Boston Indemnity Co.
Financial terms of the deal were not disclosed. The transaction is expected to close soon, pending regulatory approval, Houston-based HIIG said in a statement.
BIC is a treasury listed, admitted insurer domiciled in South Dakota and based in North Andover, Massachusetts. BIC, which was acquired by Bondex Insurance Group in 2015, currently writes surety business in 27 states.
Matthew J. Semeraro is president of BIC and will continue to manage the operation after the deal closes. The business will operate as HIIG Surety. HIIG Surety anticipates writing more than $25 million of business in 2019 consisting of small and medium-size contractors and subcontractors, mining reclamation bonds, and other commercial bonds, according to HIIG.
California has approved the state’s first surety bond program for the cannabis industry, according to a statement Wednesday from the office of State Insurance Commissioner Dave Jones.