JUNO BEACH, Fla. (Aug. 5, 2005) — Independent Tire Dealers Group (ITDG) L.L.C. is starting the process to offer general liability and garage keeper's liability to its workers' compensation coverage offered by its captive insurance company.
The insurance company, Independent Innovative Captive Insurance Co. Inc., was formed earlier this year and was rolled out initially to ITDG members. The company said in April that it hoped to add the general and garage keeper's liability, and medical insurance also is a future possibility.
“We started writing workers' comp coverage in April of this year and anticipate having premiums in excess of $3 million by year's end,” said Michael Cox, ITDG's president and CEO. “With the additional (general liability) and garage keeper's coverage, premiums could approach $10 million to $15 million in several years. We should be licensed to offer the new coverage by the end of the first quarter 2006.”
ITDG is made up of 95 members, including 52 shareholders in 10 western states. The members operate about 330 retail tire outlets.