Intermodal Insurance Co., a Federal Risk Retention Group, recently began providing commercial truck liability coverage.
The new insurer has been established by five founding companies engaged in the local cartage of shipping containers. The company’s formation has been spearheaded by T. Zack Cooper, V.P., J Gregory Brown Insurance, Jay E. Ginnow, V.P., Bliss & Glennon Inc. (wholesale brokerage) and David G. Condon, president, Casualty & Surety of IL Inc.
“Without the incredible effort of our founding insureds, our vendors and service providers, the company would never have been established when discussed two years ago,” Cooper said. “Our actuarial studies, feasibility reviews and legal assistance kept the reality of our establishing this company a positive every step of the way.”
Ronald Guss of Intermodal West Trucking Inc. has been elected President of the new company by the Board of Directors. “We were able to remain patient and trust our service providers to give us the guidance needed throughout this process,” Guss said. “Each member company is a stock holder and will be active on our various committees which are needed to make decisions for the company,” he added.
IIC has established stringent underwriting criteria geared to secure long term market presence and success. The company is capitalized by member/insureds based on their premium size. “Maintaining a strong capital base is critical to the future of the company. The industry has needed relief from the difficult market of the past 2-3 years. Though pricing is important, stability of our pricing model gives each member company the ability to plan beyond the next renewal quote,” Cooper stated.
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