RALEIGH, N.C.--(BUSINESS WIRE)--IAT Insurance Group ownership and management announced today the company will pay a $3,000 bonus to all non-executive employees on January 15, 2018. The additional bonus comes in response to the newly passed tax reform bill – the tax savings will be shared with approximately 700 employees. IAT Insurance Group is a privately held company owned by the Kellogg family.
The 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.”
The $3,000 bonus will be paid on January 15, and is in addition to the company’s other compensation and benefit programs, which include a 401k with 100% company matching contributions up to 7% with immediate vesting, and an additional 3% profit sharing distribution for all eligible employees. The company’s annual bonus pool is also up from last year and incentive bonuses, of which 100% of IAT employees are eligible, will be issued at the end of first quarter 2018. “Our employees drive the success of IAT and our compensation programs recognize and reward their value to the company,” said Bill Cunningham, CEO, IAT Insurance Group. “The tax savings gives us an extra opportunity to share even more with our team, especially frontline and non-executive employees.”
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.