09/21/2022
Timber Creek Casualty Insurance Company, Inc., A Risk Retention Group
Press Release - Montgomery, AL, September 1, 2022 – Timber Creek Casualty Insurance Company Inc., A Risk Retention Group (TCCI) - Timber Creek Casualty Insurance Company Inc., A Risk Retention Group (TCCI) announced an important new insurance option for the transportation industry in AL, MS, LA, TX, OK, AR, GA and TN.
TCCI along with Timber Creek Insurance Services (TCIS) have been working jointly to establish TCCI as an Alabama domiciled risk retention group focused on lumber and construction related transportation risks. TCCI received its insurance license (known as a certificate of authority) from the State of Alabama on July 26, 2022.
TCCI will provide commercial auto and general liability insurance exclusively to lumber related and construction related risks which are members of the National Independent Business Alliance (NIBAUSA.COM), a national small business trade association committed to advocating free enterprise, free market capitalism, a pro-business environment and ending lawsuit abuse of small businesses.
“This is excellent news for our members, as it aligns perfectly with the NIBA’s commitment to assisting small businesses with all their needs from insurance to loss control and risk management policies. The NIBA wants to leverage its co-op buying ability so small businesses can benefit from cost savings on all types of products.” said NIBA Executive Director Ryan Seal. “This unique partnership with TCCI and Timber Creek Insurance Services represents an opportunity for our members to lower their operating costs through control and ownership of their commercial auto and general liability insurance.”
TCCI differs from an ordinary insurance company in that it functions as a risk retention group (RRG). An RRG consists of independent companies that assemble to create and fund a licensed captive insurance company, which operates under the Federal Liability Risk Retention Act of 1981 to write commercial liability insurance for its members. Each insured member is an owner of the RRG and receives shares in the RRG and is eligible for financial distributions from potential underwriting profits.
Chris Workman, President of Timber Creek Insurance Services (TCIS), the Program Manager for TCCI, stated “Getting TCCI off the ground has been a challenging and rewarding experience. In this time of economic difficulty, I look forward to seeing TCCI provide NIBA members a valuable and rewarding insurance alternative.”
For more information on TCCI: www.tcci-rrg.com
The NIBA is a Slidell, LA-based business trade association that represents small to medium sized independent companies. The association is establishing the NIBA-PAC to address the legislative and regulatory issues small independent businesses face today. The NIBA Foundation will be established to assist the NIBA Members with the cost of educational seminars, scholarships, disaster relief and more.
More information about the NIBA is available at - www.nibausa.com
Notice: On July 26, 20222, the Alabama Department of Insurance granted TCCI a Certificate of Authority (insurance license). This is not an offer for insurance and no coverage may be bound or policies issued until the registration process has been completed with your individual state.
The National Independent Business Alliance was formed to help businesses be more successful by providing benefits and advocating for public policy that encourages entrepreneurship and economic growth.
