Boston Omaha Corporation has successfully completed the sale of its General Indemnity Group (GIG) business unit to CopperPoint Insurance Company. The transaction, finalized on October 23, 2026, was structured as an all-cash deal with a gross purchase price of $84,308,757.68. This strategic move allows Boston Omaha to refocus on its core real estate operations and explore new investment opportunities.
The sale includes GIG, BOSS Bonds Insurance Agency, LLC, and United Casualty and Surety Insurance Company. The net proceeds from the sale amount to $75,341,353 after accounting for transaction expenses and an escrow fund. Additionally, Boston Omaha will receive approximately 92.9% of the $5.25 million held in escrow, which will be payable after two years, contingent on the fulfillment of certain conditions.
Boston Omaha's decision to divest its insurance business aligns with a broader trend in the real estate sector, where companies are increasingly focusing on their primary operations to enhance profitability. The proceeds from this sale will be retained as cash and cash equivalents, which Boston Omaha plans to deploy into various opportunities, including a recently announced $30 million share repurchase plan.
In a press release dated October 26, 2026, Boston Omaha highlighted the completion of this transaction, emphasizing its commitment to optimizing its business portfolio. The company aims to leverage the additional capital for future growth and investment initiatives.
As part of the transaction, GIG returned 2,673,831 shares of Sky Harbour Class A common stock to Boston Omaha, along with a cash dividend of $326,371 from the sale of its preferred stock position in Breezeway Homes, Inc. This move allows Boston Omaha to strengthen its financial position while focusing on its core real estate operations.
The filing does not specify what happens next, but Boston Omaha is expected to provide pro forma financial information related to the disposition of GIG by October 29, 2026, as required by SEC regulations.