ICC customers represent one of the first and hardest hit businesses resulting from statewide government-ordered shutdowns from COVID-19. ICC is a regional insurance carrier based in Rock Island, Illinois, and has specialized in insuring the restaurant and tavern industry since 1950. Many policyholders are small business owners who are experiencing a significant negative financial impact.
Arron Sutherland, ICC's President and CEO added, "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."
Furthermore, ICC's corporate headquarters remains 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.
Illinois Casualty Company
ICC was founded in Rock Island, Illinois in 1950 to provide insurance products and aggressive claims defense exclusively for the food and beverage industry. Today, we are an admitted carrier in eleven states: Colorado, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Ohio, Pennsylvania and Wisconsin. We recognize that establishments serving alcohol require unique insurance protection. Our coverage options include liquor liability, property, general liability, umbrella, workers' compensation, cyber liability, and employment related practices liability. ICC is the exclusively endorsed insurance provider by the Illinois Licensed Beverage Association, Minnesota Licensed Beverage Association, Hospitality Business Alliance, Indiana Restaurant and Lodging Association, Ohio Licensed Beverage Association, and the Tavern League of Colorado.