General Indemnity Group Releases Strong FY 2023 Results
General Indemnity Group (“GIG”), a leader in the surety insurance sector and a subsidiary of the diversified Boston Omaha Corporation, has reported robust financial results for FY 2023, highlighting continued growth and operational success since the strategic overhaul of management in 2019.
According to the Boston Omaha Corporation’s annual report, GIG has seen a significant revenue increase, reaching US$17.7m, up 32% from US$13.4m in the previous year. The company also reported a net income of US$2.06m and an operational income of US$1.52m.
“We are extremely pleased with our financial performance in 2023,” comments Dave Herman, President of GIG. “We’ve focused our efforts on investing in strategic acquisitions, improving operations, adding seasoned staff, and driving technology throughout all of our operations. Together, we’ve been able to engineer remarkable growth from the early days of the business.”
Strategic Developments and Expansion
Since GIG's initial acquisition in 2016, when the company was experiencing minimal profitability, there have been marked improvements. Under the guidance of Herman, GIG has expanded its reach to all 50 states and the District of Columbia, significantly growing its operating units which include United Casualty and Surety Insurance Company (UCS), South Coast Surety Insurance Services, and the leading online platform for small transactional surety bonds, SuretyBonds.market.
GIG has focused on increasing written premiums at UCS by expanding existing relationships and building new partnerships, extending South Coast Surety's reach through SuretyBonds.market, and continuously adding top-tier talent to the team. These efforts have fortified GIG's commitment to impacting the business positively and fostering a growth-oriented culture.
A significant addition to GIG's management was the appointment of Kyle Fowler as Chief Financial Officer in December 2023. Fowler, who brings a wealth of experience from the insurance industry, previously held the position of controller at Unified Life Insurance Company and has substantial expertise in GAAP and statutory accounting.
“We are incredibly pleased to welcome Kyle aboard as another example of improving our executive talent. He brings considerable experience in the insurance industry to GIG and has built a strong career in the profession,” Herman states. “We welcome his expertise and experience to the company that undoubtedly will support our efforts to become the leading surety bond provider in the industry.”
“I am very happy to join GIG,” Fowler remarks. “Our position in the industry of being a full-service provider of surety bond products makes us unique and offers huge opportunity for growth.”
Fowler, a certified public accountant, also holds a bachelor’s degree in accounting and an MBA in finance from the University of Missouri, Kansas City.
“Our goal is to drive our company to be the premier full-service surety bond provider in the industry,” Herman concludes. “We are excited about what we have been able to accomplish so far and are looking for even more growth in the coming years as we continue to deliver to the industry best-in-class solutions for surety products that organisations can count on.”
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