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General Indemnity Group Announces Impressive FY 2024 Results

• Revenue grew 35% in 2024
• Net Income grew 32% in 2024

BOSTON--(BUSINESS WIRE)-- is a leading holding company in the surety insurance sector that encompasses and . 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.

鈥�2024 has been a year of exceptional growth for GIG,鈥� said Dave Herman, President of General Indemnity Group. 鈥淲e鈥檙e thrilled with our performance, and we鈥檙e equally proud of the culture we鈥檝e built here. Our dedicated team, innovative technology, and expansion initiatives have set the stage for even more growth in the coming years. We can鈥檛 wait to see what the future holds.鈥�

Along with GIG鈥檚 record-breaking financial performance, some other key highlights from 2024 include:

• UCS growth 鈥� GIG鈥檚 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鈥檚 parent company, Boston Omaha (NYSE: BOC). This growth will support UCS鈥檚 ability to expand its market share and further strengthen its financial position.
• BOSS Bonds Insurance Agency consolidation 鈥� 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 鈥� GIG鈥檚 innovative online platform, , 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鈥檚 Top Insurance Employers of 2024.

鈥淥ver the past few years, we鈥檝e worked hard to build a strong foundation at GIG. 2024 was the year that we began firing on all cylinders,鈥� said Herman. 鈥淲ith a clear strategy, an innovative team, and the support of our parent company, Boston Omaha, we鈥檙e excited to see what the rest of 2025 will bring.鈥�

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 .

Forward-Looking Statements:

Certain information set forth in this release contains 鈥渇orward-looking information鈥�, including 鈥渇uture-oriented financial information鈥� and 鈥渇inancial outlook鈥�, 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鈥檚 business; (iii) execution of GIG鈥檚 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鈥檚 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鈥檚 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 (鈥淏OC鈥�), and you should carefully review the 鈥淩isk Factors鈥� sections of BOC鈥檚 public filings with the Securities and Exchange Commission (the 鈥淪EC鈥�) 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鈥檚 SEC filings are available on BOC鈥檚 website at .

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General Indemnity Group

617-329-5965 x710

[email protected]

Source: General Indemnity Group