BITCO Insurance Companies Market Research Report

Company Overview

• Name: BITCO Insurance Companies

• Mission: BITCO Insurance Companies provide specialized property and casualty insurance protection and financial security to select industries at the core of the American economy.

• Year Founded: 1917 as a reciprocal exchange to provide workers' compensation exclusively to the coal mine industry.

• Founders: No information is available.

• Key People: No information is available.

• Headquarters: 3700 Market Square Circle, Davenport, Iowa 52807

• Number of Employees: No information is available.

• Revenue: No information is available.

• Primary Activities and Reputation: Known for offering specialized insurance services to industries central to U.S. infrastructure, including transportation, construction, building contractors, forest products, wholesale, distribution, manufacturing, oil & gas extraction, and more.

Products

Insurance Programs

BITCO specializes in multiple types of insurance coverage tailored to specific industries:
1. Workers’ Compensation: Risk management strategies and insurance policies for workplace-related injuries.
2. General Liability: Covers liability issues arising in various business operations.
3. Commercial Auto: Insurance for company vehicles used in business operations.
4. Commercial Property: Protection for business property assets.
5. Umbrella Coverage: Ensures additional liability protection beyond standard policies.
6. Inland Marine: Covers property in transit and specialized equipment.
7. Business Income: Protection against loss of income due to unforeseen circumstances.

Specific Industry Focus

• BITCO Construction Group (BCG): Programs for large and complex accounts, including Loss Sensitive options.

• Commercial General Contractors: Insurance for builders and designers with a commercial focus.

• Commercial Building Trade Contractors: Policies for plaster, drywall, plumbing, and heating contractors.

• Transportation Construction Contractors: Coverage for road, bridge, and culvert construction.

• Utility Construction Contractors: Insurance for water well drilling and sewer line construction.

• Construction Material Producers: For quarries, sand, gravel, and ready-mix suppliers.

• Land Improvement Contractors: Insurance for excavation, landscaping, and irrigation installation.

• Forest Products: Coverage for logging, sawmills, and wood manufacturing entities.

• On-Shore Oil & Gas Extraction: Protection for pipeline, drilling, and leasing operations.

• Wholesalers & Distributors: Coverage for durable and non-durable goods distributors.

• Manufacturing: Designed for manufacturers with light to medium products exposure.

• Public Entities: Workers’ Compensation policies for regional public entities.

Recent Developments

• Relocation of Headquarters (2016): BITCO transitioned its corporate headquarters from Rock Island, Illinois to Davenport, Iowa.

• Integration with Old Republic General Insurance Group (1985): Became a member of Old Republic International, adding strength and stability due to ORI's status as one of the largest insurance organizations in the U.S.

• Brand Reformation (2014): The company rebranded from Bituminous to BITCO Insurance Companies, realigning policy-issuing company names to BITCO National Insurance Company and BITCO General Insurance Corporation.

Partnerships and Affiliations

• Old Republic Connection: As a member of the Old Republic General Insurance Group, BITCO benefits from the network and resources provided by one of the nation’s largest shareholder-owned insurance organizations.

Learnings and Insights

• Company History: BITCO has deep roots dating back over a century, initially serving the coal industry. Its expansion into broader industrial insurance markets reflects its adaptability and dedication to providing comprehensive insurance solutions.

• Service and Expertise: BITCO emphasizes personalized service through local agents familiar with the specific challenges of the industries they serve. Their long-term commitment and sector-specific expertise drive a collaborative approach to insurance solutions.

• Financial Stability: BITCO’s insurance offerings have a solid foundation backed by the financial strength of Old Republic International, ensuring reliability and trust in their policies.

• Comprehensive Coverage: BITCO offers an array of insurance products tailored to mitigate risks in industries critical to economic growth, ensuring both niche and broad-spectrum risk exposures are addressed effectively.