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 $40.9 million and net income of more than $3.0 million for the year ended December 31, 2017.
CAMICO’s policyholder retention rate for 2017 was 94.3 percent, consistent with an average policyholder retention rate of more than 94 percent over the past three decades for the company. CAMICO has also continued to maintain key financial ratios at historically high levels for the past several years.
“CAMICO’s proactive risk management and loss prevention services continue to be highly popular with policyholders, as our retention rate indicates,” said Robert P. Evans, CPA, CISA, CAMICO chairman of the board. “The company is well positioned to continue our partnership with policyholders in helping them achieve security and success over the long term.”
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.