William R. Timmons founded Canal Insurance Company in 1939 to insure automobiles financed by Canal s banking parent. In 1942, the company acquired an inactive insurer and began to underwrite commercial trucking operations. Today, commercial trucking accounts for approximately 85 percent of Canal Insurance s written premiums. The company was originally licensed in one state with $17.5 thousand in surplus. Now Canal Insurance is licensed in 46 states and has more in excess of $400 million in policyholder surplus. The company has an A+ rating from A.M. Best Rating Center and has been cited among the top 50 property and casualty insurance companies by Ward Financial Group for more than 10 years.