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April 08, 2005 02:00 AM

ITDG licenses its captive insurance company

Tire Business Staff
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    FREMONT, Calif. (April 8, 2005) — The Independent Tire Dealers Group (ITDG) L.L.C. has licensed a new company—an Arizona c-corporation that will initially handle worker's compensation coverage for the dealer group's founding members.

    Richard Howard is chairman of the newly formed Independent Innovative Captive Insurance Co., according to ITDG, which comprises 95 members, including 52 shareholders, in 10 western states and represents approximately 300 retail tire and service centers.

    Mr. Howard said the group's new venture has “received our captive insurance company license from the Arizona Department of Insurance. The formation of the company would not have been possible without the efforts and dedication of many ITDG members and our President & CEO Mike Cox.”

    All aspects of the new insurance company will be covered at ITDG's annual sales meeting in May, he said, noting the captive company's board has set June 30th as the deadline for purchase of “Class A” stock in the insurance company.

    The ITDG's next project, Mr. Howard said, will be to work on additional lines of insurance coverage including garage keepers, auto, etc.

    Among the major brands ITDG handles are Continental, General, Pirelli, Sumitomo/Treadways, Hankook, Yokohama, Wanli, YKS, Titan, Runway and Mohawk. The group's parts suppliers include Autozone, Carquest and Napa. The organization said it also has exclusive tire lines plus equipment and oil programs. ITDG is one of the founding members of the Tire Alliance Groupe (TAG).

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