Insurors Indemnity Co., an iconic Waco company, pledged $54,000 in aid to Ukraine and urged other local businesses to contribute.
“We encourage other companies to step in and help,” insurers chairman Tom Chase said, speaking by phone from New York. “We fear things will get so bad in Europe that Russia is trying to take over.”
Insurors Indemnity’s pledge goes to the American Red Cross. A check was recently presented to Anjuli “AJ” Renold, Executive Director of Heart of Texas American Red Cross. Insurers have been told that the money will go to local Red Cross affiliates in countries supporting Ukrainian refugees.
“At this stage of the conflict, the Red Cross is one of the few humanitarian organizations to have had access to the areas hardest hit by the fighting in Ukraine,” reads the press release issued by Insurors announcing its donation.
Humanitarian assistance includes the distribution of food, water and medicine, as many of those fleeing have lost their identity papers and prescriptions.
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The Red Cross also provides beds for civilians taking refuge in bomb shelters; the establishment of reception and transfer points for internally displaced persons in Ukraine; and delivering supplies such as tarpaulins for shell-damaged homes.
It is estimated that 12 million Ukrainians will need some type of assistance.
The press release said insurers decided to donate 5% of new business premiums in March to help with relief efforts. The company provides commercial coverage through its property and casualty and surety products, primarily in Texas, but also in several other states. Financing is offered by Roadrunner Premium Finance Co., a subsidiary within the insurers.
The insurers’ head office is located in downtown South Fifth Street. The company is supported by 350 independent agents in its coverage area.
“Business is going very well. We’re growing pretty well,” Chase said. “Weather is a big factor in whether we are profitable or not. If there is a storm, we pay claims. If too many storms hit, we pay too many claims.
In April, the insurers completed their purchase of Fort Worth-based Colonial Lloyds, which has served the Texas homeowners market since 1981. The company will be renamed Roadrunner Indemnity Company.
“We are delighted to continue Colonial Lloyds’ tradition of excellence. This acquisition is an important part of our strategy to expand the insurance products we offer to policyholders, backed by competitive pricing and prompt and fair claims service,” Underwriters Chairman Dave Talbert said in a statement. communicated.
“We’re moving all the operations here, but we’re not really moving anyone,” Chase said of the takeover. “As we take over operations, more people will be hired here. We are constantly hiring.