Canal Insurance Company Revenue and Competitors

Canal Insurance has been dedicated to serving truckers from its early beginnings. In 1933, William R. Timmons established an insurance agency, which specialized in truck insurance. For nine years, the Wm R. Timmons Agency labored to place long haul business with responsible insurers. But mortality among the companies was alarming. In eight years, four major companies failed. During that time, Bill Timmons and T.J. Mims, who joined the agency in 1938 and would later become President of Canal, watched diligently for warning signs and moved their client's business before each collapse. When these Insurance company failures became more than an inconvenience to Timmons and Mims, a plan was conceived to acquire a company to underwrite the agency's growing book of truck business. Meanwhile, Canal Insurance was founded in 1939 in Columbia, South Carolina to insure automobiles financed by Canal's banking parent and in 1942, Timmons acquired the virtually inactive insurer, moved it to Greenville, South Carolina, and began to underwrite commercial trucking operations. Today, over sixty years later, we are still dedicated to commercial auto, which accounts for over 85% of Canal's written premiums. Originally licensed in one state with $17.5 thousand in surplus, Canal is now licensed in 46 states with over $550 million in policyholder surplus. Rated A+ by A.M. Best and considered among the Top 50 property and casualty insurance companies by Ward Financial Group for 16 years in a row, Canal Insurance Company continues to grow through the knowledge and commitment of our employees and the independent insurance agents who represent us. Management is led by Charles M. "Chuck" Timmons, Jr., President & CEO; and William R. "Rick" Timmons, III, Secretary & Treasurer and Senior Vice President of Investments, third generation descendants of founder Bill Timmons.