CPA-focused insurance company Camico said Thursday that it has started to turn the corner on the impact of the recession by posting a gain of $3 million in policyholders’ surplus for the year ended Dec. 31, 2010.
The company’s financial results are reported in the 2010 Operations Report, which has been posted online at www.camico.com. Camico’s 2010 financial statement shows $945,000 in net income and $35 million in total policyholder surplus.
The company’s strengthened financial position and return to profitability resulted from actions taken by the company to maintain rate integrity and improve underwriting selection, and from the return to more predictable claims patterns during 2010.
The 2010 total assets and liabilities for Camico Mutual have decreased with the transfer of premium, and any associated claims liabilities, for policies with limits of $3 million and above into the Camico program with Liberty International Underwriters, administered through Camico Insurance Services.
In 2010, as in every year since 1992, the total number of CAMICO policyholders continued to grow, with an increase of approximately 1.3 percent over 2009. Currently, more than 7,700 CPA firms nationwide are CAMICO policyholders.
“This continuous growth rate reflects the high level of policyholder loyalty in response to the CAMICO experience—providing personalized expertise, meeting policyholder needs, and taking care of their problems,” said Camico chairman Louis J. Barbich, CPA.
In 2011, as CAMICO marks its 25th anniversary, the company is monitoring several important issues for their impact on CPA firms and on the way CPAs manage their risks and practices. The issues include the professional liability exposures stemming from International Financial Reporting Standards, pending tax laws, and the continued impact of the recession on financial institutions.
