The Independent Tire Dealers Group LLC (ITDG) officially has licensed its own captive insurance company.
"The Independent Innovative Captive Insurance Co. Inc. board of directors is extremely proud to announce that we have now received our captive insurance company license from the Arizona Department of Insurance," says Richard Howard, chairman of the new company.
"The formation of the company would not have been possible without the efforts and dedication of many ITDG members and our president and CEO Mike Cox.
This new Arizona c-corporation will initially handle workers' compensation coverage for the founding members. The company also is working on additional lines of insurance coverage, such as general liability, garage keepers, auto, etc.
"We intend to cover all aspects of the new insurance company at our annual ITDG Sales Meeting in May," says Howard. "We look forward to meeting with all members at our booth on Friday evening's Vendor Fair."
The captive insurance company's board has set June 30, 2005, as the deadline for purchase of "Class A" stock in the insurance company. "If you are not one of the charter members already, I highly encourage you to drop by and explore the benefits of owning your own insurance company," adds Howard.
The ITDG is comprised of 95 members (including 52 shareholders) representing approximately 300 retail tire and service centers in 10 western states.
