CPA-focused liability insurance provider Camico reported its third straight year of gains in policyholder surplus and net income on Monday.
The San Mateo, Calif.-based insurance and risk management company for the accounting profession said it earned $1.1 million in net income and posted a gain of 2.1 percent in policyholders’ surplus for the year ended Dec. 31, 2012. Total policyholders’ surplus for 2012 was $38.2 million, an increase over the $37.4 million posted in 2011.
The number of Camico policyholders also continued to grow last year, as it has for the past 20 years, according to the company. 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 Camico chairman Robert P. Evans, CPA, CISA, in a statement.
The company boasts a retention rate of 94 percent among its policyholders.
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