The captive insurance company of the Independent Tire Dealers Group LLC (ITDG) predicts increasing profits and additional returns to shareholders in the near future.
The board of directors of the Independent Innovative Captive Insurance Company (IICIC), a separate company associated with the ITDG, held its annual board meeting Feb. 22, 2016, in Litchfield Park, Ariz. Formed in 2005, the IICIC writes workers compensation insurance for its owner/members and is licensed to offer worker's comp in all the non-monopolistic states.
For the second consecutive year the board voted to declare a payment of $175,000 to its members.
Bob Slagle, chairman of IICIC said, "Our captive has experienced excellent profits over the past four years. We have accomplished this with a rigorous risk management program resulting in the reduction of current claims. We have also expeditiously closed existing claims with the efforts of our in-house attorney.
"The trends that have been established over the past four years will be maintained...and I anticipate increasing profits over the upcoming years with additional returns to our shareholders."
Katie LaMantia, from Bev Cap Management, the program administrator for IICIC, said, “The owner/members of IICIC recognize the value of owning their workman’s compensation insurance, rather than just renting it. In 2015 they earned $425,000 from previous years' policies and the value of their stock from inception has increased by an amazing 229 % ... a tremendous internal ROI.”
In addition, their blended experience modification (X-MOD) went down from 1.18 in 2005 to .77 in 2016.
LaMantia can be reached at 469 424-3419.