Canal Insurance Company has announced the planned retirement of chief financial officer John Rzepinski after six years with the company. The company also confirmed the promotion of Matt Bell to vice president and chief financial officer.
Paul Brocklebank, president and chief executive of Canal Insurance, said Rzepinski provided financial discipline and oversight during his tenure. "We appreciate his contributions over the past six years and thank him for his service and commitment to the organization," he said.
Bell's appointment follows a transition period during which he and Rzepinski worked together on the handover of responsibilities, the company said.
Bell takes on the role at a difficult point for commercial trucking insurers. A Demotech analysis of SEC filings found insurance and claims spending at the 10 largest US trucking companies rose 54.4% between 2021 and 2025. Revenue grew only 9.95% over the same period, with rising nuclear verdicts and reinsurance costs cited as primary drivers.
Canal has itself faced that claims environment directly. The insurer filed a complaint last August over a workplace injury lawsuit involving a trucking company and a railway. Canal is seeking a ruling that it has no duty to defend or indemnify either party under the policy.
Brocklebank said Bell has experience and a strong understanding of the business. He said Bell's working relationship with Rzepinski has prepared him for the role.
Bell joined Canal Insurance in July 2013 and has held roles of increasing responsibility within the finance department. He has more than 20 years of insurance industry experience, including prior positions in insurance operations and accounting at IBM and Pioneer Investments.
Bell's new role sits within a restructured corporate framework. Canal formed a holding company, Canal Financial Group, in 2024 to streamline its structure and give management more flexibility to pursue growth opportunities.
Bell holds a Bachelor of Science in financial management from Bob Jones University and a Master of Business Administration from the University of Massachusetts. He is a certified public accountant in South Carolina and holds the Fellow, Life Management Institute designation from LOMA/LIMRA.
