The Intermodal Insurance Company (IIC), RRG, domiciled in Washington, D.C. and 
The Department of Insurance, Securities, and Banking of Washington, D.C. granted permission for the dividend, which was based on the operating results for the period 12-1-03 to 12-31-05 for stockholders of record as of 12-31-07. The dividend was equally based on the individual account's contribution to underwriting profits and the number of shares of stock owned.
This is the first dividend declared by the company, which has been offering truckers' auto liability and related coverages to intermodal drayage firms throughout the United States since its inception in 2003.
IIC's Board of Directors also adopted a new stock purchase and redemption plan and presented awards recognizing the Top Performer on the Risk Analysis Scoring System (RASS) and the Lowest Loss Ratio.
The newly adopted stock purchase and redemption plan makes it easier for qualified firms to become members in the company. Ron Guss, president of IIC, and an insured member, said the intent of the new redemption plan "is to allow those firms that have been faithful members and helped the company grow, to enjoy the fruits of those efforts, when they retire."
The Board of Directors also approved the implementation of a Smith System Driver Rehabilitation Program.
Last year, IIC, which was the first captive in the nation to specialize in service to the intermodal drayage industry, reported an underwriting profit of over $2.5 million in the last two years and a 40% average annual growth rate.
In a unique captive structure, IIC coverage is issued by National Interstate Insurance Company of Richfield, Ohio, which is rated A, VIII by A M Best Rating Service and is admitted in all 50 states. National Interstate is reinsured by IIC, an insured/member-owned captive insurance company. This structure allows owners of the captive company to share in the underwriting profits and investment income while minimizing individual exposure.
0 comments:
Post a Comment