General Indemnity Group ("GIG"), a company that focuses on the surety insurance sector, announced strong financial results for FY 2023 that continues the trend of positive financial performance since seasoned management came on board in 2019. GIG is a subsidiary of Boston Omaha Corporation, a public holding company with diverse businesses.
Kyle Fowler, CFO of General Indemnity Group Kyle Fowler recently became CFO of General Indemnity Group to help drive future growth.
As reflected in Boston Omaha Corporation's annual report for FY 2023, which was recently released, GIG achieved total revenue of $17.7 million up 32% from $13.4 million in 2022. 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:
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."
General Indemnity Group, LLC ("GIG") is an insurance holding company founded in 2015. It specializes in acquiring and operating companies that underwrite and distribute insurance products. GIG's current holdings include surety insurance agencies, as well as an "A- Excellent" (AM Best rating) monoline surety insurance company. GIG is a subsidiary of Boston Omaha Corporation, a public holding company with businesses engaged in diverse activities including advertising, real estate, insurance, broadband and other investments. For more information, visit www.bostonomaha.com. Learn more about GIG at https://www.gi.insure/
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs, or projections. Other risks and uncertainties regarding our business are described in the "Risk Factors" sections of Boston Omaha Corporation's public filings with the Securities and Exchange Commission (the "SEC") on Form 10-K for the year ended December 31, 2023, as well as other risks and uncertainties which may be described in any subsequent quarterly report on Form 10-Q filed by Boston Omaha Corporation as well as the other reports Boston Omaha Corporation files with the SEC. Copies of these SEC filings are available at www.bostonomaha.com. In addition, the forward-looking statements included in this press release represent management's views as of the date hereof. General economic conditions and subsequent events and developments may cause these views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing the views of Boston Omaha Corporation or GIG as of any date subsequent to the date hereof.
