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General Indemnity Group Announces Financials and Welcomes New CFO

Introduction

General Indemnity Group (GIG), a subsidiary of Boston Omaha Corporation, has reported strong financial performance for the full year and has introduced its new Chief Financial Officer (CFO).

Financial Performance

In 2023, GIG saw a 32% increase in revenues, reaching $17.7 million. The income from operations and net income amounted to $1.52 million and $2.06 million, respectively. The company’s President, Dave Herman, expressed satisfaction with the financial results, attributing the positive performance to strategic investments, operational improvements, staff expansion, and technological advancements.

GIG’s Growth Strategy

GIG, which comprises operating units like United Casualty and Surety Insurance Company, South Coast Surety Insurance Services, and SuretyBonds.market, made its first acquisition in 2016. This growth trajectory has been a result of the company’s focus on acquisitions, operational enhancements, and technological advancements.

Appointment of New CFO

Kyle Fowler has been appointed as the new CFO at GIG, joining the company in December from Unified Life Insurance Company. Fowler, with nearly a decade of experience in the insurance industry, expressed his excitement about the opportunity for growth at GIG. Herman welcomed Fowler’s appointment, emphasizing his expertise and the value he brings to the company’s leadership team.

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Closing Thoughts

With the addition of Kyle Fowler as CFO and GIG’s strong financial performance, the company is positioned for continued growth and success in the surety bond sector. The expertise and experience brought in by Fowler are expected to further enhance GIG’s position as a leading provider in the industry.

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