Canal Elects First Independent Directors

GREENVILLE, S.C., May 16 /PRNewswire/ -- The shareholders of Canal Insurance have elected four new independent directors to the company's board and re-elected three family directors.

The addition of Lansing Crane, Claude C. Lilly, Victor L. Lund, and John R. Pollock carries out a strategic plan initiated by the company's leadership and shareholders to improve corporate governance and provide additional expertise in both insurance operations and family business matters.

The new members join the existing board consisting of Charles M. Timmons Jr., President and CEO of Canal Insurance; William R. Timmons III, secretary and treasurer of Canal Insurance; and Ann Pelham Cullen. All three are grandchildren of the company's founder, the late William R. Timmons Sr.

Canal, headquartered inGreenville since 1941, is a leading provider of insurance to trucking customers through a national network of independent general agents. The privately held company, which has more than 200 employees, operates in 44 states and has more than $1 billion in assets. Canal Insurance is rated A+ (superior) by A.M. Best Company.

"Our new board members add a wealth of experience and abilities in the insurance industry as well other businesses," said Charles M. (Chuck) Timmons, Jr. "Their fresh perspective will be an asset to Canal as we continue to grow our business."

The new board members are the first independent directors to be elected since the company was established, noted William R. (Rick) Timmons III. "That such distinguished and accomplished directors have agreed to join our board is a great honor to Canal and its employees," he said. "We look forward to getting their advice as we work to meet the challenges of today's marketplace."

The directors come from a variety of business backgrounds, and some serve on multiple boards.

Lansing E. Crane served as the chief executive officer of Crane & Co., Inc., a manufacturer of specialty papers, from 1995 to 2007. He had previously served on its board of directors beginning in 1985; he was the first sixth-generation member to serve on the board and the only board member not employed at the company. Crane served on the board for 22 years and was chairman from 1993 to 2006. Prior to his career at Crane & Co., Crane practiced law inConnecticut for 25 years.

Claude C. Lilly serves as the dean of the College of Business and Behavioral Science at Clemson University, a position he has held since July 2007. Prior to joining Clemson, he was the dean (1998-2007) and James J. Harris Chair of Risk Management (1997-2007) at the Belk College of Business Administration at the University of North Carolina at Charlotte. Lilly has served as assistant deputy insurance commissioner for the state ofGeorgia, assistant regional manager of Germantown Insurance Company, and as a board member of TIAA-CREF's trust bank. Lilly serves on the boards of Erie Indemnity Company, FairPoint Communications, and as chair of theCharlotte Branch of the Richmond Federal Reserve Bank.

Victor L. Lund spent 22 years with American Stores Company, a $20 billion grocery retailer, in various positions, including chairman (1995-1999) and chief executive officer (1992-1999), chief financial officer, and corporate controller. Prior to that time, Lund was a practicing audit CPA for five years. After the acquisition of American Stores Company by Albertsons, Inc., a leading supermarket chain, he became vice chairman of Albertsons, serving from 1999 to 2000. Lund serves on the boards of Delta Airlines, DelMonte Foods, Borders Group, Service Corp International, Teredata and DemandTec, Inc., where he is also non-executive chairman.

John R. Pollock served as the president and chief executive officer of Winterthur U.S. Holdings, the U.S. subsidiary of Winterthur Swiss Insurance Company, from 2003 to 2007. Previously, beginning in 1988, he served as the president of General Casualty Insurance, which was acquired by Winterthur in 1990. Pollock was named General Casualty's chief executive officer in 1997. He is the past chairman and former member of the board of governors of the Property Casualty Insurers Association of America.

Chuck Timmons has served Canal Insurance Company and the William R. Timmons Agency, LLC, in various positions since 1972, and currently serves as president and chief executive officer of both entities. Timmons also serves on the boards of the Canal Indemnity Company, the William R. Timmons Agency, LLC, Central Realty Corporation and University of South Carolina Business Advisory Board.

Rick Timmons has served Canal Insurance Company and the William R. Timmons Agency, LLC at various positions since 1976, and currently serves as secretary, treasurer and senior vice president of investments of both entities. He also serves as secretary of Central Realty Corporation, president of Timber-lands, L.P. and Lullwater Syndicate, Inc. Timmons serves on the boards of the South Financial Group, the Litchfield Company ofSouth Carolina, T-L, Inc., Lullwater Syndicate, Inc., Canal Indemnity Company, Central Realty Corporation, the William R. Timmons Agency, LLC, and Pelham Road Company, Inc. He also serves on the board of trustees of Furman University.

Ann Pelham recently retired as publisher of Legal Times, a newspaper and web site focused on law and lobbying inWashington, D.C., that is part of ALM. She served as publisher for more than a decade and also worked as an editor and reporter during almost 20 years at the publication. She is president-elect of the Duke University Alumni Association and serves on the Duke board of trustees.

Contact: Steve Nyberg, 864-242-5365

              steve.nyberg@canal-ins.com
              www.CanalInsurance.com

SOURCE Canal Insurance

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