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, has issued the following statement from Ric Rosario, president and CEO of CAMICO, regarding today’s announcement by A.M. Best regarding CAMICO’s financial strength rating:
CAMICO financials remain sound after five consecutive years in which CAMICO’s net income and policyholder surplus grew. All key financial ratios have not only returned to the normal levels of the years prior to 2008, but these ratios have improved to levels greater than the best years in CAMICO’s history.
CAMICO is also continuing to resolve older legacy claims still open from the years before 2009, when the CAMICO operating structure was enhanced. Recent volatility from those years has prompted A.M. Best to issue a slight downgrade of CAMICO’s financial strength from B++ (Good) to B+ (Good). The outlook for this rating has been revised from “negative” to “stable,” which assures our commitment and service to our policyholders.
A key result of CAMICO’s enhanced operating structure is its new strategic relationship with Berkley Design Professional Underwriters (BDP), a W. R. Berkley Company, combining CAMICO’s strong market position and expertise with W. R. Berkley Corporation’s financial strength and capacity, rated A+ (Superior) by A.M. Best. This positions us to offer the best program available to larger CPA firms and those CPA firms requiring an A-rated solution.
The CAMICO board of directors and leadership team will continue to take steps to raise the rating, strengthen surplus, control costs, improve profitability, and further embed superior policyholder service into the company culture. Our focus will remain on:
1) continued expense management;
2) promoting loss prevention and risk management processes;
3) diversification of risk by growing the CAMICO and CAMICO-BDP programs; and
4) growing our share in all states where we operate.
CAMICO maintains a strong reinsurance program supported by A-rated reinsurers and remains committed to its mission of protecting, advising and solving problems for CPAs.
CAMICO delivers insurance, risk management and related services to more than 8,400 CPA firms and 53,000 staff members in 45 states and the District of Columbia. The CAMICO program is sponsored by state CPA societies and associations in Arizona, California, Colorado, Greater Washington D.C., Indiana, Kansas, Mississippi, Missouri, Nevada, New Jersey, New York, South Carolina, Tennessee, Utah, Virginia and Washington. CAMICO provides Professional Liability Insurance, Employment Practices Liability Insurance, Business Owners Package, Workers’ Compensation, Personal Umbrella and other insurance products needed by CPA firms.