CAMICO, the nation’s largest CPA-focused program of professional and employment practices liability insurance for the accounting profession, has posted a gain of $3 million in policyholders’ surplus for the year ended Dec. 31, 2010.
CAMICO’s 2010 financial statement shows $945,000 in net income and $35 million in total policyholder surplus, a 9 percent growth in surplus over 2009. Gross written premiums for the year were $38.2 million.
The company said it strengthened its financial position and return to profitability by maintaining rate integrity and improving underwriting selection. The company also said it saw a 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.
Gross premiums written on a combined basis (CAMICO Mutual and LIU) decreased $6.8 million from $72.2 million to $65.4 million.
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.
The company’s financial results are reported in the 2010 Operations Report at www.camico.com.
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