Details Released in Insurance Company’s 2011 Operations Report
SAN MATEO, Calif.--(BUSINESS WIRE)--
CAMICO (www.camico.com),
the nation’s largest CPA-focused program of specialty liability
insurance for the accounting profession, posted a gain of $2.2 million
in policyholders’ surplus for the year ended December 31, 2011.
CAMICO also earned $1.44 million in net income, an increase of $495,000,
or 52 percent, over the $945,000 in net income posted for 2010. Total
policyholder surplus for 2011 was $37.4 million, up six percent from the
$35.2 million posted in 2010.
The company’s results are detailed in the 2011
Operations Report, which has been posted online at www.camico.com
along with 2011 audited financial statements.
In 2011, as in every year since 1992, the number of CAMICO policyholders
continued to grow. At year end, nearly 8,000 CPA firms nationwide were
CAMICO policyholders, an increase of approximately 2.5 percent over the
number of policyholders in 2010. The policyholder renewal rate was 92.4
percent for 2011.
“This continuous growth and high renewal rate reflects strong
policyholder loyalty in response to the CAMICO experience—providing
comprehensive risk management expertise tailored to CPA firms, meeting
policyholder needs, and solving their problems,” said Louis J. Barbich,
CPA, Chairman of the Board.
The company’s strengthened financial position resulted partly from
actions taken by the company to further enhance its operating structure
in 2009, and from the return to more predictable claims patterns during
2010, which continued during 2011.
The enhanced operating structure consists of two main components: CAMICO
Mutual Insurance Company, which has been insuring CPA firms since 1986
and continues in that role; and CAMICO Insurance Services, which
utilizes strategic partnerships to provide CPA firms with a
comprehensive suite of product offerings and solutions.
CAMICO’s Loss Prevention department handled over 8,300 advice line calls
in 2011. The number of incident or pre-claim advice calls has been
trending downward from a high of 2,566 in 2008 to 1,900 in 2011. The
four-year reduction in pre-claims calls is an indication that claims are
returning to more predictable patterns in the wake of the recession.
About CAMICO
CAMICO
currently delivers specialty liability insurance and related services to
more than 8,000 CPA firms and 53,000 staff members in 45 states and the
District of Columbia. The CAMICO program is sponsored by state CPA
societies and associations in Arizona, California, Colorado, Greater
Washington D.C., Indiana, Kentucky, Mississippi, Missouri, Nevada, New
Jersey, New York, South Carolina, Tennessee, Utah, Virginia and
Washington.
CAMICO
Dan Crouch, 650-378-6827 (office) or 925-324-1369 (mobile)
dcrouch@camico.com
www.camico.com
or
Knox
Communications
John Knox, 415-255-9043
john@knoxcommunications.com
Source: CAMICO
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