CAMICO Mutual Insurance Company Posts Third Straight Year of Gains in Surplus and Net Income
Insurance Carrier for the Accounting Profession Releases Details in 2012 Operations Report
SAN MATEO, Calif.--(BUSINESS WIRE)-- CAMICO (www.camico.com), the nation’s largest CPA-focused program of insurance and risk management services for the accounting profession, earned $1.1 million in net income and posted a gain of 2.1 percent in policyholders’ surplus for the year ended December 31, 2012.
Total CAMICO policyholders’ surplus for 2012 was $38.2 million, up from the $37.4 million posted in 2011.
The year 2012 marks the third straight year of gains in policyholders’ surplus and net income for CAMICO. The number of CAMICO policyholders has also continued to grow, as it has for the past 20 years. At year-end 2012, more than 8,300 CPA firms nationwide were CAMICO policyholders, an increase of four percent over the number of policyholders in 2011.
“The accomplishments of the CAMICO program reflect the highest level of commitment to the accounting profession, as well as CAMICO’s ability to provide a stable market to CPAs for Accountants Professional Liability insurance and risk management services,” said Robert P. Evans, CPA, CISA, CAMICO chairman of the board. “Our retention rate of 94 percent proves customer satisfaction year after year and continues to emphasize the uncontested value of the CAMICO experience.”
CAMICO delivers insurance, risk management and related services to more than 8,300 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, Mississippi, Missouri, Nevada, New Jersey, New York, South Carolina, Tennessee, Utah, Virginia and Washington. CAMICO provides Professional Liability Insurance, Employment Practices Liability Insurance, Business Owners Package, Workers’ Compensation, Personal Umbrella and other insurance products needed by CPA firms.
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