Beginning on March 20, Rock Island, Ill.-based Illinois Casualty Co. (ICC), a wholly owned subsidiary of ICC Holdings Inc., will temporarily suspend all insurance premium billing for 30 days.
The company said the action is in response to growing COVID-19 concerns and closings that will affect the food and beverage industry. ICC is a regional insurance carrier and has specialized in insuring the restaurant and tavern industry since 1950.
ICC customers represent one of the first and hardest hit businesses resulting from statewide government-ordered shutdowns from COVID-19. The company said it recognizes that many policyholders are small business owners who are experiencing a significant negative financial impact.
In a prepared statement, ICC’s President and CEO Arron Sutherland, ICC’s said: “At ICC, we value our customers and the important service that they provide the community. I hope that this measure helps to ease their financial burden in some small way during this difficult and turbulent time.”
ICC’s corporate headquarters is remaining open to provide customers with continued services with the least amount of disruption possible. ICC places the highest priority on providing a safe work environment for our employees and has taken steps to protect, and offer services to, employees. As ICC continues to monitor this complex and rapidly evolving situation, its plans may change.
ICC does not believe that taking this action will be material as the policyholder payments are simply being deferred. It is believed that the company’s financial position continues to be strong and has substantial liquidity with approximately $94 million of fixed income investment securities as of March 13, 2020. Additionally, the company has access to existing credit facilities to cover short-term liquidity requirements and anticipated operational needs in the foreseeable future.
ICC is an admitted carrier in 11 states: Colorado, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Ohio, Pennsylvania and Wisconsin.
Source: Illinois Casualty Co.
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