Program administrator makes acquisition
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Program administrator Integrated Specialty Coverages LLC has acquired California Contractors Insurance Services Inc., San Diego-based Integrated Specialty Coverages said in a statement Thursday.
Terms of the transaction were not disclosed.
Sacramento, California-based California Contractors Insurance Services provides license bonds, general liability, workers compensation, contract bonds, and permit bonds to contractors.
Integrated Specialty Coverages’ online platform was built by the company’s team of 30 engineers, data scientists, machine learning and artificial intelligence professionals, founder and CEO Matt Grossberg told Business Insurance. The platform is integrated with about 60 different third-party data sites used to help validate and quantify risks, he said.
New products and capabilities, such as with Contractors Insurance Services, can be added to the platform in modular fashion, allowing Integrated Specialty Coverages to continue adding products and capabilities. Mr. Grossberg added the company hopes to double its engineering staff to 60 in 2021.
Integrated Specialty Coverages was founded in 2016 by Mr. Grossberg and in 2018 partnered with Sightway Capital, Two Sigma Investment LP’s private equity business.
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