SAN MATEO, Calif.--(BUSINESS WIRE)--CAMICO (www.camico.com), the nation’s largest CPA-directed program of insurance and risk management for the accounting profession, posted total policyholders’ surplus of $40.2 million and net income of $1.3 million for the year ended December 31, 2016.
CAMICO continued to maintain key financial ratios at historically high levels, and the policyholder retention rate for 2016 was 93.3 percent, consistent with an average policyholder retention rate of more than 93 percent for the past 23 years.
“CAMICO’S high policyholder retention rate indicates that CPAs respond to an insurance and risk management program that is aligned with their interests and builds long-term value for them,” said Robert P. Evans, CPA, CISA, CAMICO chairman of the board. “It also reflects on how well CAMICO executes our mission of helping CPAs solve the practice and risk management problems they face in their professional lives.”
CAMICO delivers insurance, risk management and related services to more than 8,000 CPA firms and 50,000 staff members in 45 states and the District of Columbia. Founded in 1986, CAMICO is endorsed by state CPA societies and associations in Arizona, California, Colorado, Greater Washington D.C., Indiana, Kansas, Mississippi, Missouri, Nevada, New Jersey, New York, Oregon, Tennessee, Utah, Virginia and Washington. CAMICO provides Professional Liability Insurance, Employment Practices Liability Insurance, and other insurance products needed by CPA firms.