General Indemnity Group (GIG), a holding company that focuses on the surety insurance sector, announced that AM Best has affirmed a financial strength rating of A- (Excellent Rating) with a stable outlook for its United Casualty and Surety Insurance Company (UCS) subsidiary.
General Indemnity Group (GIG), a holding company that focuses on the surety insurance sector, announced that AM Best has affirmed a financial strength rating of A- (Excellent Rating) with a stable outlook for its United Casualty and Surety Insurance Company (UCS) subsidiary. GIG is a wholly owned subsidiary of Boston Omaha Corporation, a public holding company with businesses in diverse industries. The rating affirmation come on the heels of GIG’s announcement of financial performance in 2023, marking its most successful year since its inception in 2015.
“We are very pleased with AM Best’s rating of our UCS insurance subsidiary as it reflects the hard work and dedication we’ve injected into the business to ensure its financial performance,” said Dave Herman, president of GIG. “We work to drive industry excellence through the management of leading-edge companies dedicated to simplifying the bonding process with digital solutions and unmatched expertise. This rating is a testament to the delivery of that excellence.”
According to Herman, UCS’ direct written premiums in 2023 increased from $13.8 million in 2022 to $18.8 million in 2023. In 2023, net operating (statutory) income was $1.62 million while policy holders' surplus was $21.86 million, a $2.37 million increase compared to the prior year.
Herman attributes UCS’ performance to the expansion of its underwriting team, the growth of its agent relationships, as well as the advancement of technology, such as UCS’ integration in the SuretyBonds.Market system. SuretyBonds.Market is an industry-leading online platform that allows insurance agents to book surety bonds instantly online.
UCS is licensed in all 50 states and the District of Columbia. It is a Nebraska-domiciled Insurance Company and is a Treasury Department certified surety, enabling it to be an acceptable surety on federal projects throughout the United States.
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 wholly owned 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 predictand are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs, or projections.
