General Indemnity Group announces financials, new CFO
General Indemnity Group announces financials, new CFO | Insurance Business America
Insurance News
General Indemnity Group announces financials, new CFO
Finance chief “very happy to join”
Insurance News
By
Terry Gangcuangco
Boston Omaha Corporation subsidiary General Indemnity Group (GIG) has reported robust full-year earnings while introducing its new chief financial officer.
In 2023, GIG’s revenues climbed 32% to $17.7 million, while its income from operations and net income amounted to $1.52 million and $2.06 million, respectively.
Commenting on the numbers, GIG president Dave Herman said: “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.”
Consisting of operating units United Casualty and Surety Insurance Company, South Coast Surety Insurance Services, and SuretyBonds.market, GIG made its first acquisition in 2016.
GIG’s new finance chief
Aside from its 2023 performance, GIG also revealed the arrival of chief financial officer Kyle Fowler (pictured). The new CFO came on board last December, making the switch from Unified Life Insurance Company.
“I am very happy to join GIG,” commented Fowler, who has been in insurance for nearly a decade. “Our position in the industry of being a full-service provider of surety bond products makes us unique and offers huge opportunity for growth.”
Herman, meanwhile, had this to say: “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.
“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.”
Before his tenure at Unified where he was controller, Fowler served in accounting positions at Swiss Re and Cochran Head Vick & Co Certified Public Accountants.
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