RLI Corp, an Illinois-based specialty insurance company, has completed the purchase of Contractors Bonding and Insurance Company (CBIC) for $136m in cash, as announced earlier.

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

CBIC serves more than 30,000 contractors and over 4,000 insurance agents and brokers across the country through 13 regional branch offices.

RLI Corp president & CEO Jonathan Michael said the acquisition will create opportunities and it will allow the company to offer enhanced products and solutions to both CBIC and RLI customers in more locations across the country.

"CBIC brings a talented team of underwriters with deep industry expertise and an excellent underwriting track record to RLI. We welcome their employees and look forward to working together to create more value for our customers," Michael said.

RLI offers a diversified portfolio of property and casualty coverages and surety bonds serving niche or underserved markets. It operates in all 50 states from office locations across the country.

RLI’s insurance subsidiaries are RLI Insurance, Mt Hawley Insurance Company and RLI Indemnity Company and the new subsidiary, Contractors Bonding and Insurance.