The Independent Tire Dealers Group LLC’s (ITDG) captive insurance company reports a record second quarter.
The Independent Innovative Captive Insurance Company (IICIC), a worker’s compensation insurance company, realized a net income before taxes of $224,500 for the second quarter (July/August/September) of 2014.
IICIC says equity per share increased 25.8% year-over-year. Reported claims were also lower, and outstanding claims are at a five-year low.
Bob Slagle, chairman of IICIC, says, "This all bodes well for IICIC shareholders. By requiring pre-employment physicals and background checks plus implementing a risk management policy that protects workers, injuries should continue to be alleviated."
The owner of Midtown Tire out of Rochester, N.Y., Tony Sagona, a new member of both IICIC and ITDG, says, “We understand the value of being an owner of the insurance company rather than renting insurance from year to year!"
The IICIC was formed in 2005 and is domiciled in Arizona. The captive insurance firm offers worker's compensation insurance in all the non-monopolistic states.
