- Revenue grew 35% in 2024
- Net Income grew 32% in 2024
General Indemnity Group (GIG) is a leading holding company in the surety insurance sector that encompasses United Casualty & Surety Insurance Company (UCS) and BOSS Bonds Insurance Agency. GIG is excited to announce its strongest financial performance to date for FY 2024. The company achieved total annual revenue of $23.9 million, a 35% increase from $17.7 million in 2023. Net income reached $2.72 million, a 32% increase from $2.06 million in 2023, marking another year of robust growth and strategic development.
GIG credits its success to its strong financial performance, strategic expansion initiatives, and ongoing investments in technology and talent. As the company continues to scale its operations, it remains committed to delivering best-in-class surety bond solutions to clients across the country.
"2024 has been a year of exceptional growth for GIG," said Dave Herman, President of General Indemnity Group. "We're thrilled with our performance, and we're equally proud of the culture we've built here. Our dedicated team, innovative technology, and expansion initiatives have set the stage for even more growth in the coming years. We can't wait to see what the future holds."
Along with GIG's record-breaking financial performance, some other key highlights from 2024 include:
- UCS growth – GIG's surety insurance company, UCS, grew its written premiums in 2024 by 40%. Its Policy Holder Surplus increased by 86%, to $40.7 million, following a substantial capital contribution from GIG's parent company, Boston Omaha (NYSE:BOC). This growth will support UCS's ability to expand its market share and further strengthen its financial position.
- BOSS Bonds Insurance Agency consolidation – In June 2024, GIG consolidated five insurance agencies under the new name, BOSS Bonds Insurance Agency. This restructuring allowed the company to streamline its operations and focus its marketing efforts, resulting in a 23% production increase.
- SuretyBonds.Market Platform – GIG's innovative online platform, SuretyBonds.Market (SBM), is a leading tech solution for the surety bond industry. It facilitates rapid bond approvals for agents and customers nationwide, making it a key driver of growth for both UCS and BOSS Bonds.
Other notable accomplishments in 2024 include a newly expanded Boston Office in the dynamic Fort Point area, as well as a recognition of employer excellence as one of Insurance Business America's Top Insurance Employers of 2024.
"Over the past few years, we've worked hard to build a strong foundation at GIG. 2024 was the year that we began firing on all cylinders," said Herman. "With a clear strategy, an innovative team, and the support of our parent company, Boston Omaha, we're excited to see what the rest of 2025 will bring."
As 2025 progresses, GIG remains steadfast in its mission to drive innovation within the surety industry and deliver exceptional bond products to its clients.
About General Indemnity Group
Founded in 2015, General Indemnity Group, LLC (GIG) is an insurance holding company focused on the surety insurance sector. It acquires and operates companies that underwrite and distribute insurance products. GIG is a wholly owned subsidiary of Boston Omaha Corporation, a public holding company with business interests across various sectors, from advertising and real estate to broadband and insurance. To learn more about GIG, visit www.gi.insure.
Forward-Looking Statements:
Certain information set forth in this release contains "forward-looking information", including "future-oriented financial information" and "financial outlook", under applicable securities laws (collectively referred to herein as forward-looking statements). Except for statements of historical fact, the information contained herein constitutes forward-looking statements and includes, but is not limited to, the (i) projected financial performance of GIG; (ii) the expected development of GIG's business; (iii) execution of GIG's vision and growth strategy; and (iv) future working capital and regulatory capital requirements. Forward-looking statements are provided to allow potential investors in Boston Omaha Corporation the opportunity to understand management's beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment.
These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements.
Although forward-looking statements contained in this release are based upon what GIG management believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. GIG undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
GIG is a subsidiary of Boston Omaha Corporation ("BOC"), and you should carefully review the "Risk Factors" sections of BOC's public filings with the Securities and Exchange Commission (the "SEC") on Form 10-K for the year ended December 31, 2024, as well as other risks and uncertainties which may be described in any subsequent quarterly report on Form 10-Q filed by BOC, and the other reports BOC files with the SEC. Copies of BOC's SEC filings are available on BOC's website at www.bostonomaha.com.
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General Indemnity Group
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