CAMICO Mutual Insurance


CAMICO Mutual Insurance

Articleissues
orphan= June 2008
refimprove= June 2008
Infobox Company
company_name = CAMICO Mutual Insurance Company
company_
company_type = Mutual
foundation = 1986
location = Redwood City
key_people = Louis J. Barbich, CPA, chairman
John A. Dodsworth, CPA, CEO
industry = Insurance
products = Professional Liability, Employment Practices Liability
homepage =http://www.camico.com

CAMICO Mutual Insurance Company is an American mutual liability insurance company, owned by its Certified Public Accountant (CPA) policyholders to provide professional liability (malpractice) and employment practices liability insurance to CPA firms. CAMICO specializes in CPA risk management and customizes loss prevention services for CPA firms. Founded in 1986, CAMICO is rated A- (Excellent) by A.M. Best Company. [ [http://www.ambest.com A.M. Best Company] ]

Sponsored by state CPA societies and associations in 15 states (Arizona, California, Colorado, Indiana, Kentucky, Mississippi, Missouri, Nevada, New Jersey, New York, South Carolina, Tennessee, Utah, Virginia and Washington), CAMICO operates in 45 states and the District of Columbia. Company headquarters are in Redwood City, California.

History

The name CAMICO is derived from California Accountants Mutual Insurance Company. The company was formed in California in 1986 to resolve difficulties faced by CPAs in that state who were unable to afford liability insurance from commercial companies. In the mid-1980s, after a rate-cutting war, the major insurance carriers found themselves with insufficient funds to cover their claims liabilities. Some companies stopped selling professional liability insurance coverage for CPAs, while others imposed large rate increases that led some CPA firms to drop their liability insurance, leaving them exposed to possible professional liability lawsuits without insurance protection.

A task force of the California Society of CPAs recommended forming a mutual insurance company to resolve the crisis by providing CPAs with professional liability coverage at stable rates. Following that recommendation, CAMICO began operation on June 24, 1986. Initially the staff consisted of just three people: two full-time employees reporting to CEO John A. Dodsworth, CPA. Within CAMICO's first month, 1,250 firms were insured by the company. [ [http://www.camico.com/portal/server.pt?open=512&objID=216&parentname=CommunityPage&parentid=9&mode=2 About CAMICO] , CAMICO website] A decade later CAMICO had expanded beyond California to four other western states, and by the end of 2000 the company was doing business in 37 states.

As of June 2008, CAMICO employs 103 people and insures 7,338 policyholder firms with 62,610 staff members. It has total assets of $168 million, written premiums of $76 million, [ [http://www.bizjournals.com/sanfrancisco/stories/2008/06/30/story13.html San Francisco Business Times] ] and surplus of $51 million (as of 12/31/07). [ [http://www.bizjournals.com/sanfrancisco/othercities/sanjose/stories/2007/05/21/daily29.html San Francisco Business Times] ] Dodsworth and Louis J. Barbich, CPA, chairman of the CAMICO board of directors, have both served the company in their respective positions since its inception. In 2008 CAMICO began offering employment practices liability insurance to CPAs and offers such coverage in 44 states.

As a mutual insurance company, any revenue remaining after paying claims and administrative costs is returned to policyholders in the form of dividends.

References

External links

* [http://www.camico.com/ CAMICO Mutual Insurance Company website]
* [http://www.calcpa.org CalCPA]
* [http://www.educationfoundation.org California CPA Education Foundation]


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