SCOTTSDALE, Ariz. — The Independent Tire Dealers Group's (ITDG) captive insurance company has renewed its policy with the dealer cooperative for a 13th straight year.
Independent Innovative Captive Insurance Co. Inc. (IICIC) was founded in April 2005 to reduce and stabilize workers' compensation insurance for shareholders and members of the ITDG.
IICIC writes workers' compensation insurance in California, Colorado, Arizona, New Mexico and Oregon. The organization said it is evaluating extending its services to ITDG members in other states, as well.
According to IICIC, its "unique" approach to workers' compensation insurance has resulted in more than $4 million in earnings and nearly a 13-percent return on investment since its inception.
The ITDG's board of directors has approved a dividend this year for $1,000 per share, the same amount as the original share value. Insured shareholders will receive their dividends before the group's annual shareholders' meeting, scheduled for May 5 in Chandler, Ariz.
IICIC share value was more than five times greater than its original acquisition cost at year-end 2017, despite several prior dividends being paid, the ITDG said.
IICIC officials attribute the company's success to its strict underwriting guidelines, industry-specific safety policies, in-house defense council and in-house risk management team.