Canal Insurance Company, a specialist in commercial transportation insurance, has announced the establishment of a new holding company, Canal Financial Group (CFG).

According to the official announcement, this strategic initiative aims to enhance operational efficiency, encourage innovation, and maximize shareholder value.

The establishment of the Financial Channel Group aims to simplify the organizational structure of Al Canal Insurance Company while enabling management to explore growth opportunities and continue to create value for shareholders.

Paul Brocklebank (pictured above), Chairman and CEO, said that Canal Insurance remains committed to customers and business partners.

“This strategic move will enable us to pursue new opportunities with flexibility and focus while leveraging our core strengths in commercial transportation,” said Brocklebank.

In other news from Al-Qana Insurance Company…

In other recent developments, Canal Insurance Company announced the joining of Patrick J. Mullen to its Board of Directors.

Mullen currently serves as Director of Strategic Capital Partnerships at Arctaris Impact Investors, a Boston-based private equity firm, where he leads the firm’s efforts from its Salt Lake City, Utah office.

Mullen’s professional background also includes co-founding and serving as Chief Investment Officer of Sorenson Impact, as well as contributing to the Sorenson Impact Foundation between 2010 and 2017.

In March, Canal Insurance announced the appointment of Brocklebank as chairman of its board.

Brocklebank joined Canal in 2010 and was appointed President and CEO in 2017.

Along with Brookelbank on the board are: Nancy Lyon Callahan, executive director of global strategy and technology; Nora Crouch, a former Fortune 500 financial services executive; Anna Pelham Culham, who previously worked in the media industry as publisher of the Legal Times; Patrick J. Mullen, director of strategic equity partnerships at Arctaris Impact Investors; Charles M. Timmons Jr., who served at Canal Insurance in a variety of roles from 1972 to 2009; and Gregory Vezzosi, who retired in 2016 after a career that included work at companies such as CNA, St. Paul Travelers and Chubb.

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