RALEIGH, N.C.--(BUSINESS WIRE)--IAT Insurance Group ownership and management announced today the company plans to share one-third of the savings from the proposed corporate tax plan with employees, and make investments that deliver value to their agents and customers. The pledge comes in response to the proposed tax reform bill, establishing a rate change from 35 percent to 20 percent, and was announced to the company’s 700 employees today. IAT Insurance Group is a privately held company owned by the Kellogg family.
The proposed tax reform bill promises a lower tax rate for companies like IAT Insurance Group. How companies manage that extra money will go a long way toward determining how well the new tax changes work for our economy. “This plan has the power to grow the economy, but only if we invest in the people who make our company great – our employees and customers. That’s why, as owners, we will invest these savings in our workforce and our business in a way that works for everyone,” said Peter Kellogg, Chairman, IAT Insurance Group. “It’s important to us to do our part to help economic growth by putting this money into the hands of the people who will benefit the most from it.”
IAT Insurance Group plans to share one-third of the tax savings with the company’s non-executive workforce and will announce the full plan to its employees once the bill is approved. “Our employees drive the success of IAT and sharing a portion of the savings with them is a recognition of their value to the company,” said Bill Cunningham, CEO, IAT Insurance Group.
The reduction in the corporate tax will align U.S. companies more closely with our non-U.S. competitors. “This helps level the playing field and allows us to offer more competitive solutions for our customers,” added Cunningham.
About IAT Insurance
IAT Insurance Group is a privately owned, specialty insurance company providing property and casualty products for businesses and individuals. With 700 employees and 13 offices across the country, we go to market through six business units – Commercial Transportation, Specialty, Programs, Inland Marine, Surplus Lines Excess, and Assumed Reinsurance. The IAT Insurance Group companies are rated A- Excellent by A.M. Best. Learn more about the company at www.iatinsurancegroup.com.
