RLI Corp. acquires CBIC

CBIC is a privately held, Seattle-based insurance company specializing in surety bonds and related niche property and casualty insurance products.

By staff Writer | Updated on December 22, 2010

RLI Corp. will acquire Contractors Bonding Insurance Co. (CBIC) through an acquisition of its holding company, Data and Staff Service Co. (DSS) for approximately $137 million in cash. The acquisition is subject to regulatory approval and expected to close in the first quarter of 2011.

CBIC is a privately held, Seattle-based insurance company specializing in surety bonds and related niche property and casualty insurance products. The company serves over 30,000 contractors and over 4,000 insurance agents and brokers nationwide. CBIC operates 13 regional branch offices and is considered a leading writer of contractor license bonds in the Northwest.

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