General Indemnity Group Announces Significant Growth in FY 2023, Appoints New CFO

Kyle Fowler, CFO of General Indemnity Group ● Photo Credit: General Indemnity Group via Newswire

BOSTON, April 29, 2024 (VSNewsNetwork.com) - General Indemnity Group (GIG), a subsidiary of Boston Omaha Corporation specializing in surety insurance, reported robust financial growth for the fiscal year 2023. The company announced a total revenue of $17.7 million, marking a 32% increase from the previous year's $13.4 million, alongside a net income of $2.06 million and an income from operations of $1.52 million.

President of General Indemnity Group Dave Herman ● Photo Credit: General Indemnity Group via Newswire

GIG President Dave Herman commented on the year's performance, stating, “We are extremely pleased with our financial performance in 2023. 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.”

In addition to financial growth, GIG has expanded its operations nationwide and enhanced its service offerings through its operating units including United Casualty and Surety Insurance Company, South Coast Surety Insurance Services, and the online platform SuretyBonds.market. These expansions have significantly broadened GIG’s reach and capabilities in the surety bond market.

A key development in 2023 was the appointment of Kyle Fowler as Chief Financial Officer in December. Fowler, who previously served as controller at Unified Life Insurance Company, brings nearly a decade of experience in insurance industry finance to GIG. “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,” Herman remarked.

Fowler expressed enthusiasm about his new role, saying, “I am very happy to join GIG. Our position in the industry of being a full-service provider of surety bond products makes us unique and offers huge opportunity for growth.”

Looking ahead, Herman is optimistic about GIG’s trajectory: “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 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 organizations can count on.”

For more information on General Indemnity Group and its services, visit www.gi.insure.

Source: General Indemnity Group via Newswire