MICA Announces $17 Million Dividend

PHOENIX, Jan. 06, 2022 (GLOBE NEWSWIRE) -- The Mutual Insurance Company of Arizona (MICA) today announced that its Board of Trustees has declared a policyholder dividend of $17 million to be allocated among participating policyholders who are current MICA members as of December 31, 2021. This dividend is derived from a combination of favorable claims experience and strong investment performance.

“As a physician-owned and directed mutual insurance company, MICA is able to return funds to our members whenever results are favorable. This year’s dividend exemplifies MICA’s financial strength and dedication to its mission of protecting and defending the practice of medicine,” said MICA CEO James F. Carland, MD.

Following the February 2022 dividend distribution, MICA will have returned $700 million in dividends to its policyholders since 1988, including $125 million in the last five years alone.

The dividend declared for the 2021 policy year reflects the company’s financial performance. Past performance does not guarantee future dividends. This policy has exclusions, limitations, and terms under which the policy may be continued in force or discontinued. For costs and complete details of coverage, contact your insurance agent or MICA.

About Mutual Insurance Company of Arizona

Mutual Insurance Company of Arizona (MICA) was created in response to a need. In 1976, a group of Arizona physicians founded a physician-owned and physician-directed mutual insurance company after the largest medical professional liability insurance carrier announced it was no longer providing coverage in the state. Since its inception, MICA has focused on the same goals and principles that led to its founding: to provide medical professional liability insurance availability, affordability, and market stability at actuarially sound, sustainable rates.

Today, MICA provides medical professional liability insurance in Arizona, Colorado, Nevada, and Utah. For 45 years, MICA has been recognized for its financial strength, claim management, careful loss reserving, risk management publications and programs, personal attention, and member focus. For more information, visit https://www.mica-insurance.com.

Contact: Hana KimMutual Insurance Company of Arizona
hkim@mica-insurance.com
602-808-2253

Source: Mutual Insurance Company of Arizona