General Indemnity Group (GIG), a company that specializes in providing surety insurance, has announced strong financial results for FY 2023. This continues the trend of positive financial performance since experienced management took over in 2019. GIG is a subsidiary of Boston Omaha Corporation, a public holding company with diverse businesses.
As reported in Boston Omaha Corporation’s recently released annual report for FY 2023, GIG achieved a total revenue of $17.7 million, an increase of 32% from the previous year’s revenue of $13.4 million. FY 2023 closed with a net income of $2.06 million and an income from operations of $1.52 million.
“We are extremely pleased with our financial performance in 2023,” said GIG President Dave Herman. “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.”
The 2023 financials reflect improvements in the business since GIG’s first acquisition in 2016. At that time, the company was not profitable and revenue was very low. With the backing of Boston Omaha, Herman and his team have expanded operations to all 50 states and the District of Columbia and significantly grown GIG’s operating units: United Casualty and Surety Insurance Company (“UCS”), South Coast Surety Insurance Services and SuretyBonds.market:
- Increasing written premiums at UCS through expanding existing relationships and building new partnerships
- Extending South Coast Surety’s reach through SuretyBonds.market, the leading online platform for small transactional surety bonds that is quickly becoming the platform of choice for surety bond purchases by agencies
- Adding seasoned talent over the last several years by hiring best-in-class individuals from inside and outside the industry
- Building a culture focused on business impact
A significant recent hire for the business was the appointment of Kyle Fowler to chief financial officer in December 2023. He has been in the insurance industry for nearly a decade and has extensive experience with both GAAP and statutory accounting. Fowler comes to GIG from the Unified Life Insurance Company in Overland Park, KS where he was controller for five years.
“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 financial management profession,” said Herman. “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 said. “Our position in the industry of being a full-service provider of surety bond products makes us unique and offers huge opportunity for growth.”
Prior to working at the Unified Life Insurance Company, Fowler held accounting roles at Swiss Re and Cochran Head Vick & Co Certified Public Accountants. Fowler is a certified public accountant and holds a bachelor’s degree in accounting from the University of Missouri, Kansas City (UMKC) and an MBA in finance also from UMKC.
“Our goal is to drive our company to be the premier full-service surety bond provider in the industry, we are excited about what we have been able to accomplish so far,” Herman said. “We 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 organizations can count on.”
