Camico deal with CPA Mutual was a long time coming
The agreement between Camico and CPA Mutual to transfer the Accountants Professional Liability Insurance Program from CPA Mutual to Camico represents the collaboration of two mutual insurance companies, both founded by CPAs, to provide customized liability insurance to CPAs.
“Camico is taking over CPA Mutual’s future business, and CPA Mutual will stay in business to run off the claims they have,” said Camico CEO Ric Rosario.
“It’s similar to an accounting firm buying the client list of another firm, going forward,” he added. “CPA Mutual will continue in business to service the existing claims. Existing policyholders will transfer to Camico, as their policies renew, beginning on January 1, 2021.”
Both Camico and CPA Mutual are mutual insurance companies, meaning they are owned by their policyholders. “We have more things in common with them than we have differences,” said Rosario. “We’re much different than our competitors in the marketplace because they are commercial carriers with a lot of different operating models.”
“We’re the only two that focus exclusively on CPAs, while the others service anything that walks,” he said. “We have a long-term mission to serve our policyholders — we’re not worried about short-term profits. The most distinctive feature we share is the commitment to risk management and loss prevention services.”
Camico is reinvesting in all its services, according to Rosario. “We’re focusing our resources to help CPAs not make a mistake,” he said. “CPAs are providing a number of different services to their clients across the country that are struggling to survive. We’re providing them with a lot of guidance in helping them not make a mistake in that process.”
Under the agreement, CPA Mutual’s member service and sales team will join Camico and will continue to provide service for CPA Mutual accounts as they transition to Camico (see story). CPA Mutual will also continue to handle open claims using the same claims team and assist with the transition. Steve Tatone, chairman of CPA Mutual’s board of directors, will be joining the Camico governance structure to share his talents and knowledge of CPA Mutual policyholders.
“We are extremely pleased to announce this move,” said Tatone. “CPA Mutual has provided CPAs with excellent services and coverage for 34 years. And transitioning our members to Camico will continue the same high-quality services and coverage our members have come to expect.”
“As companies founded by CPAs for CPAs, CPA Mutual and Camico have always been committed to doing what is right for CPAs,” said Bill Thompson, president of CPA Mutual.
“Camico is proud to have been selected to continue CPA Mutual’s tradition of excellent service and expertise for its members,” added Rosario. “We look forward to partnering with these firms as they become Camico members and tap into Camico’s program to help ensure their security and success.”