United Casualty & Surety Insurance Company (UCS), a nationwide provider of surety bond solutions, is proud to announce strong financial results for fiscal year 2024. UCS achieved gross premium of $26.4 million, up 40% from 2023, while its net income (statutory) hit $2.67 million, marking a 91% increase over 2023.
UCS also reports policyholder surplus of $40.7 million at December 31, 2024 as a result of the growth in net income and a capital contribution from its parent company, Boston Omaha Corporation. The corresponding effect is an 86% increase in PHS and a larger Treasury Listing that will facilitate a pursuit of new market opportunities in the coming years.
“We’re thrilled with the continued growth we achieved in 2024,” said Bob Thomas, President of United Casualty & Surety Insurance Company. “Our capital has grown significantly, and it is already enhancing our ability to support our clients with greater speed, capacity, and confidence as we continue to expand nationwide.”
In addition to UCS’s impressive gross premium, net income, and capital growth, the company implemented several other exciting expansion initiatives in 2024, including its:
- Implementation of SuretyBonds.Market portal – UCS integrated SuretyBonds.Market (SBM) platform, an innovative online portal developed by its holding company, General Indemnity Group (GIG). This platform allows UCS agents to book instant-approval commercial bonds directly with UCS, simplifying and expediting the bonding process.
- Employee growth and regional expansion – The company recently hired several new underwriters, including three underwriters in the West, thereby broadening its ability to serve clients across all regions and expand its nationwide SBA business.
- Brand refresh and website update – UCS recently revealed a refreshed brand identity, including a new logo and an improved website. These upgrades showcase the company’s commitment to modernizing its services for its clients and agents alike.
“UCS is on a strong growth trajectory, and we’re just getting started,” said Thomas. “With our recent technological innovations and team expansion, we are eager to see what the company will look like in the coming months and years.”
As 2025 continues, UCS remains committed to delivering reliable, innovative surety solutions to its growing client base.
About United Casualty & Surety Insurance Company
Founded in 1989, United Casualty & Surety Insurance Company (UCS) is a leading provider of surety bonds. It offers a comprehensive range of bonding solutions, including contract bonds, bid bonds, performance bonds, and maintenance bonds. For 15 years, UCS has maintained an "A-" (Excellent) Financial Strength Rating and a "Stable" Rating Outlook. It's also approved by the United States Department of the Treasury, enabling it to provide bonds for federal projects throughout the country.
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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