CAMICO's New Logo Underscores Insurance Program's Key Characteristics
REDWOOD CITY, Calif., December 2, 2009 - Strong, confident, caring, savvy, creative and nimble - those are the key characteristics of CAMICO (www.camico.com), the nation's largest CPA-directed program of professional and employment practices liability insurance for the accounting profession, as identified through a recent brand profile process.
The process resulted in a new logo for the 23-year-old company, designed to reflect the six key characteristics, as identified by its stakeholders and management. Interviews with policyholders, prospective policyholders, agents and state CPA society staff, as well as with CAMICO staff and board members, provided input toward creating an updated brand profile.
"Our mission as a CPA-directed program that anticipates and addresses the evolving needs of our policyholders remains unchanged. In line with this mission, we have strengthened our ability to offer new products and services for the benefit of CPAs, and this expansion is reflected in the launch of the new CAMICO logo," said CAMICO CEO Ric Rosario, CPA, CFE.
The logo also marks the evolution of the insurance carrier as a business: CAMICO grew from a single state underwriter to a national liability insurer and risk management specialist operating in 45 states and serving nearly 65,000 practitioners and approximately 7,500 firms. In 2009, the company added two new components that expanded its services and increased its financial strength.
Last month, CAMICO announced a partnership through its insurance agency and wholly owned subsidiary, CAMICO Insurance Services (CIS), with the California Society of CPAs (CalCPA) to provide more comprehensive insurance solutions, products, services and advice geared to the needs of CPAs. See the following news release for the CIS partnership with CalCPA.
Earlier this year CAMICO Insurance Services forged a new program with Liberty International Underwriters (LIU), a division of Liberty Mutual Group, to strengthen and expand CAMICO's capacity for providing coverage and risk management services, especially to larger CPA firms.
The reinvigorated CAMICO brand is also evident in a redesigned web site, which enables smaller accounting firms and sole practitioners to obtain binding price quotes in minutes. Along with the quick quote element, the CAMICO site features free practice tips and professional news, a calendar of events, links to state societies that sponsor CAMICO, and a robust members-only space where policyholders can choose from a variety of static and real-time knowledge and advice.
About CAMICO and CIS
CAMICO (www.camico.com) is sponsored by state CPA societies and associations in Arizona, California, Colorado, Indiana, Kentucky, Mississippi, Missouri, Nevada, New Jersey, New York, Ohio, South Carolina, Tennessee, Utah, Virginia and Washington. The Redwood City, Calif.-based insurance program serves more than 7,500 accounting firms and 64,000 staff members in 45 states and the District of Columbia. CAMICO Services, Inc., d.b.a. CAMICO Insurance Services (CIS), is licensed as an insurance producer in all states in which CAMICO operates.
NOTE TO EDITORS: THE .JPG IMAGE OF THE CAMICO LOGO BELOW MAY BE COPIED FOR YOUR USE. HIGH RESOLUTION IMAGES OF THE LOGO ARE AVAILABLE BY REQUEST.
CAMICO Partners with CalCPA to Provide More Insurance Solutions
REDWOOD CITY, Calif., October 5, 2009 - CAMICO (www.camico.com), the nation's largest CPA-directed program of professional and employment practices liability insurance for the accounting profession, announced it has partnered with the California Society of CPAs (CalCPA) to provide more comprehensive insurance solutions, products, services and advice geared to the needs of CPAs.
CAMICO's insurance agency and wholly owned subsidiary, CAMICO Insurance Services (CIS), follows the independent insurance agency model and now delivers business owners, personal umbrella, and workers' compensation coverage to CalCPA members.
"CAMICO and CalCPA have enjoyed a strong and trusted partnership for more than 23 years," said CAMICO CEO Ric Rosario, CPA, CFE. "We are very proud to build on that relationship with the CalCPA membership through CAMICO Insurance Services."
Adds John F. Angelo, division director strategic relations, CalCPA, "In this difficult economic environment, when many clients of CPAs are engaged in addressing issues of financial stress, our members need protection more than ever. The time is right for having a one-stop resource from which they can obtain full business packages and other coverages required to protect their practices and professional standing. CAMICO is a trusted name with our members and will deliver a larger menu of products and services at competitive rates."
The agency delivers programs within three general categories. These include:
Business Owners Package - A policy that protects accounting practices and safeguards assets by combining basic coverages into one standard package that can also be tailored to more specific business requirements.
Workers' Compensation Coverage - As required by California state law, workers' compensation insurance provides medical and disability coverage for employees who may experience employment-related illness or injuries.
Personal Umbrella - Insurance that protects individuals by adding liability coverage for claims that exceed, or may not be covered under, the limits of primary insurance policies.
CIS is headed by CAMICO Sales Manager Jack Witherspoon, a veteran insurance professional with nearly 25 years of experience as an underwriter, agent and insurance marketing professional. Prior to joining CAMICO, Witherspoon was President of RJW Professional Liability Services in Oakland, California, a company he founded to serve the insurance needs of attorneys. Witherspoon built his business from scratch to more than $2 million in premiums in seven years.
"I welcome the opportunity to work with CalCPA in helping California accountants manage their business risks," Witherspoon says. "Besides providing comprehensive insurance and risk management to this professional community, CIS will continue CAMICO's and CalCPA's emphasis on service and education as an effective means of loss prevention."
CPAs can get quotes from CIS online at www.camicosolutions.com where "get a quote" buttons lead users to downloadable applications that can be e-mailed back to CIS.
About CAMICO and CIS
CAMICO (www.camico.com) is sponsored by state CPA societies and associations in Arizona, California, Colorado, Indiana, Kentucky, Mississippi, Missouri, Nevada, New Jersey, New York, Ohio, South Carolina, Tennessee, Utah, Virginia and Washington. The Redwood City, Calif.-based insurance program serves more than 7,500 accounting firms and 64,000 staff members in 45 states and the District of Columbia. CAMICO Services, Inc., d.b.a. CAMICO Insurance Services (CIS), is licensed as an insurance producer in all states in which CAMICO operates.
About CalCPA
Headquartered in Redwood City, Calif., the California Society of Certified Public Accountants (CalCPA) (www.calcpa.org) is the nation's largest state accounting organization and the largest CPA association in California. It serves 32,000 members in public practice, private industry, education and government. Through CalCPA Institute, a 501(c)3 nonprofit, CalCPA members provide financial literacy programs to high schools and community groups.
CAMICO and Liberty International Underwriters Form New Program
REDWOOD CITY, Calif. and Boston, Mass., July 13, 2009 - CAMICO Mutual Insurance Company, the nation's largest CPA-owned carrier of professional liability insurance, and Liberty International Underwriters (LIU), a division of Liberty Mutual Group, have forged a new program to service CPA firms nationally.
The new program will strengthen and expand CAMICO's capacity for providing coverage and risk management services, especially to larger CPA firms. The new program's policy wordings will match existing CAMICO policy forms, and firms will have direct access to the comprehensive range of CAMICO's advisory, loss prevention, and claims services and resources.
The CAMICO-LIU program will be administered through CAMICO's wholly owned subsidiary, CAMICO Insurance Services (CIS). The new program will focus primarily on policies with limits of $3 million and higher and will be underwritten by LIU using Liberty Mutual Group companies that are rated "A" (Excellent) by A.M. Best Co.
"CAMICO's strong market position and specialized expertise in the accounting profession, with LIU's capacity, will provide a superior program to our policyholder firms," said Ric Rosario, CPA, CAMICO CEO. "The new program enables all of our policyholders to continue receiving the services they've come to rely on for their day-to-day practice needs."
The CAMICO-LIU program will help protect firms against malpractice claims and damages from errors committed while providing professional services.
"This program gives CPA policyholders the strength of two insurance industry leaders in one policy," said Bruce Eisler, senior vice president of professional liability for LIU. "By combining CAMICO's demonstrated expertise in accountants' liability with Liberty Mutual Group's financial strength and LIU's significant experience in professional liability insurance, we will bring the high level of underwriting, claims management and risk management service CPA firms expect from an insurer."
About CAMICO and CIS
CAMICO Mutual Insurance Company (www.camico.com) is sponsored by state CPA societies and associations in Arizona, California, Colorado, Indiana, Kentucky, Mississippi, Missouri, Nevada, New Jersey, New York, Ohio, South Carolina, Tennessee, Utah, Virginia and Washington. The Redwood City, Calif.-based company serves more than 7,500 accounting firms and 64,000 staff members in 45 states and the District of Columbia. CAMICO Services, Inc., d.b.a. CAMICO Insurance Services (CIS), is licensed as an insurance producer in all states in which CAMICO operates.
About LIU/Liberty Mutual Group
Liberty International Underwriters (www.liu-usa.com), a division of Liberty Mutual Group, provides specialty commercial lines of insurance worldwide, including casualty, specialty casualty, global crisis management, marine energy, engineering and reinsurance, distributed exclusively through the independent broker network. Boston-based Liberty Mutual Group is a diversified global insurer and fifth largest property and casualty insurer in the U.S. based on 2008 direct written premium. The Company also ranks 86th on the Fortune 500 list of largest corporations in the U.S. based on 2008 revenue. As of December 31, 2008, Liberty Mutual Group had $104.3 billion in consolidated assets, $94.2 billion in consolidated liabilities and $28.9 billion in annual consolidated revenue.
CAMICO Policyholders Benefit from Confidential, Online Risk Assessment Tool
July 2, 2009 - CAMICO Mutual Insurance Company (www.camico.com), the nation's largest CPA-owned carrier of professional liability insurance, today announced that policyholders who have utilized a confidential online risk assessment tool are reporting an overwhelmingly positive response.
As part of its multi-faceted approach to risk management, CAMICO has partnered with Montage Analytics to provide CPA-CARATTM(Computer-Aided Risk Assessment Tool), free of charge to its policyholders. CPA-CARATTM informs participating policyholders about areas of their practice that are vulnerable to liability risk.
All of the CAMICO policyholder CPAs who have used the program and reported back afterwards stated that their overall experience with it was positive. The vast majority of respondents stated that it:
- provided insights into their firm's operations,
- was easy to understand and to use, and
- was a productive use of their time.
A large majority of respondents also plan to take action based on the report generated by CPA-CARATTM, which is offered by Montage Analytics, Inc.
"Claims costs tend to increase during economic downturns, so risk assessment and response actions are vital to the management of exposures to claims," said Suzanne M. Holl, CPA, vice president of loss prevention services for CAMICO. "Many of our policyholders have asked for self-diagnostic tools, and Montage Analytics' risk assessment is the first generation in this line."
The risk assessment process begins when a CPA firm completes the user-friendly CARATTM online questionnaire with simple "point and click" responses. The answers are transmitted to Montage Analytics' secure server, where more than one billion probability comparisons are calculated by mapping cause-and-effect relationships among key variables.
Within minutes, the firm receives a confidential risk assessment including the Montage Risk IndexTM and supplemental risk management information that the firm can consider for implementation.
"By helping CAMICO's policyholders anticipate and manage their risks, CPA-CARATTM enables them to take preemptive action, transforming areas of vulnerability into opportunities to strengthen their practice," said Holl. "This puts our policyholders in better control of their businesses."
About Montage Analytics
Montage Analytics (www.montageanalytics.com), of Mountain View, CA, provides CARATTM, a line of proprietary, forward-looking web-based risk assessment tools resulting in the Montage Risk IndexTM and analytical reports for business liability applications, including CPA Professional Liability and Employment Practices Liability (EPL). CPA-CARATTM is designed for CPA firms, while EPL-CARATTM is designed for use by employers in any industry. Both tools can be used by insurance brokers, underwriters and the reinsurance companies who insure them.
Keith Hui Joins CAMICO Mutual Insurance Company as Executive Vice President of Risk Management
May 20, 2009 - CAMICO Mutual Insurance Company, the nation's largest CPA-owned provider of professional and employment practices liability insurance and risk management services for accountants, has appointed Keith Hui as executive vice president of risk management. In that capacity he is responsible for executive oversight of the company's underwriting and claims functions.
Prior to joining CAMICO, Hui was with NORCAL Mutual Insurance Company, a medical malpractice liability insurance company based in San Francisco, for 24 years. At NORCAL he was responsible for the direction and oversight of operations, including product development and implementation of business processes that support underwriting, policy and financial management. Hui's expertise includes the management of underwriting and claims departments, and new systems implementation, including the design and execution of processes to enhance customer service and better meet the needs of policyholders.
A resident of San Mateo, Hui is a licensed California fire and casualty broker/agent. He holds a bachelor's degree in psychology from the University of California, Berkeley.
"Keith brings to CAMICO a thorough understanding of professional liability insurance and risk management, especially from the perspective of a specialty mutual insurance company, and his expertise will augment our existing strength in those and many other areas," said Ric Rosario, CPA, CFE, CAMICO chief executive officer.
CAMICO Receives The Ohio Society of CPAs Endorsement
Dec. 10, 2008 - The Ohio Society of Certified Public Accountants (OSCPA) has named CAMICO Mutual Insurance Company (www.camico.com) as the endorsed provider of professional liability and employment practices liability insurance as well as related risk management services for its 23,000 members statewide.
Created by CPAs to protect CPAs, CAMICO is the nation's largest CPA-owned mutual insurance company. In addition to insurance coverages, the company provides comprehensive risk and claims management services designed to help CPA firms improve practices and minimize losses on a proactive basis.
"When looking for an insurer that would best fit the needs of OSCPA members, we were impressed with CAMICO's expertise and mission to always be there for CPAs, even in adverse market conditions," said Clarke Price, CAE, president and CEO of OSCPA.
John A. Dodsworth, CPA, CAMICO CEO, said, "The Ohio Society's endorsement reaffirms that CAMICO is succeeding in its mission to not only provide complete liability insurance covering CPA professional services, but to also assist CPAs in developing and utilizing the tools required to reduce their practice risks."
CAMICO is represented in Ohio by Oswald Companies (www.oswaldcompanies.com) which provides risk management expertise out of offices in Cleveland, Middleburg Heights, and Columbus. Founded in 1893, Oswald Companies is among the nation's largest independent, employee-owned insurance brokerage firms.
The Ohio Society of CPAs (www.ohioscpa.com) represents the interests of its members in public practice, corporate practice, government and education, and supports its members in fulfilling their responsibility to serve the public interest. The Society serves the educational needs of its members, strengthens the profession's self-regulatory process, advocates for the CPA profession, and promotes the value of CPAs in society.
CAMICO Mutual Insurance Company Names Ric Rosario CEO
Visionary CPA and Risk Management Expert to Succeed Chief Executive John Dodsworth in 2009
July 25, 2008 - CAMICO Mutual Insurance Company (www.camico.com), the nation's largest CPA-owned provider of professional liability insurance for Certified Public Accountants, today announced that Ric Rosario will become Chief Executive Officer, effective January 1, 2009. Rosario will succeed John A. Dodsworth, CPA, who, in a planned move, will retire June 30, 2009, after having served as CAMICO's chief executive since the company's inception in 1986.
Rosario, 50, joined CAMICO in 1992 and has served as a Vice President since 1996 and as an Executive Vice President since 2006. He is now phasing into the CEO role as part of an orderly succession plan mapped out by Dodsworth and the company's board of directors.
"Ric's leadership has been an instrumental aspect of CAMICO's solid growth during the past 16 years, and his vision will ensure the company's continued guidance and support to our policyholders for years to come," said Louis J. Barbich, CPA, CAMICO Chairman of the Board.
Rosario, a Certified Public Accountant and Certified Fraud Examiner, came to CAMICO as a risk management specialist when the company was serving 2,300 CPA firms only in the state of California. His foresight and market knowledge combined with that of others to lead CAMICO in its expansion to other states. The company has since grown to serve more than 7,300 accounting firms and 65,000 staff members in 45 states and the District of Columbia.
Rosario's responsibilities have included advising CAMICO's member-owners and other CPAs on risk management principles and techniques. His current duties at CAMICO include executive oversight of underwriting, program development, and marketing and communication operations.
His public accounting background is in the audit division of the regional firm of John F. Forbes & Co. He later joined a start-up real estate venture as controller and completed his tenure there as chief financial officer.
Several of Rosario's articles have appeared in national publications, and he co-authored the CCH-published books CPA's Guide to Loss Prevention Practices and CPA's Guide to Effective Engagement Letters.
Rosario is a sought-after public speaker who addresses many CPA, insurance and fraud conferences, and he has served as a continuing education lecturer for CPAs. He also has been a part-time lecturer on accounting at Notre Dame de Namur University in Belmont, Calif. Rosario earned a bachelor's degree in accounting at Saint Mary's College in Moraga, Calif.
He resides in Foster City, Calif., with his wife, Kathleen, and their four children.
John Dodsworth, a founding board member of CAMICO, will continue to serve on a daily basis until he retires on June 30, 2009. After that, he will continue to be a member of the company's board of directors.
"Ric and I have worked together very closely for more than 16 years, and I have great respect for his capabilities and very high expectations for CAMICO under his leadership," Dodsworth said. "Ric has a keen understanding of the challenges faced by accountants, and he has an extraordinary ability to impart knowledge to our policyholders. His business sense and strategic vision have been proven time after time. His appointment as CEO is an exciting and significant step forward for CAMICO, and I look forward to placing the leadership of this company in his capable hands."
CAMICO Rolls Out Employment Practices Insurance Program
REDWOOD CITY, Calif., February 28, 2008 - CAMICO Mutual Insurance Company (www.camico.com), the nation's largest CPA-owned professional liability insurer, announced it is offering a new Employment Practices Liability (EPL) insurance program that provides comprehensive defense and indemnity coverage for full-time, part-time, and contract workers.
The EPL program is being offered in response to growing demand from CPA firms for insurance protection, human resources advice and legal services, says Emily Franchi, loss prevention specialist for employment practices for CAMICO.
"There are so many exposures that CPA firms face in today's workplace," says Franchi. "Non-discrimination laws alone cover age, gender, sexual orientation, physical or mental disability, medical condition, pregnancy, physical appearance, religion, national origin or ethnicity and race. Additional exposures arise from allegations of harassment, wrongful termination, breach of contract, retaliation, slander or defamation, and failure to hire, train or compensate fairly."
The U.S. Equal Employment Opportunity Commission reports that in 2006 employees nationally filed 75,768 charges, not including litigation, over alleged violations of laws prohibiting discrimination, harassment and retaliation.
As federal, state and local employment laws continue to proliferate, firms of all sizes are increasingly vulnerable to employment practices claims and litigation. Large firms are natural targets and suffer the greatest financial losses, notes Franchi, but even small firms are often held responsible for substantial and potentially crippling damages.
"It's becoming more difficult to know how to handle all of the responsibilities of being an employer and what you should or shouldn't do in a variety of situations," Franchi says. "Through its EPL insurance program, CAMICO is helping firms with the human resources issues so the firms can concentrate on their business of being CPAs."
Besides coverage for firms on their own premises, CAMICO's EPL also includes third-party coverage that protects firms in the event that an allegation is made by a client's employee against the firm's employee working on site with a client. The product is also tiered for different sized firms. For example, firms with fewer than 10 employees qualify for CAMICO's value program, which provides a limit of $100,000 per claim and $100,000 in aggregate. The standard program provides firms of all sizes with limits of up to $1 million per claim and $2 million in aggregate. Deductibles range from $5,000 to $25,000.
Additional benefits included in the EPL insurance program include:
- significant financial incentives to encourage early reporting of incidents,
- direct access to a specialist who will personally advise and assist policyholders, and
- an online resource that puts human resources tools at the policyholder's fingertips, including employee handbooks, human resources law summaries, policies and procedures.
For more information and an application click here or call the company at 1.800.652.1772 for assistance.
Please Note: CAMICO's Employment Practices Liability (EPL) insurance program is currently available in the following states: Arizona, California, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nevada, New Jersey, New York Ohio, Pennsylvania, Tennessee, Utah, Virginia and Washington.
CAMICO Brings its CPA Professional Liability Program to North Dakota
October 31, 2007 - Created by CPAs to protect CPAs, CAMICO Mutual Insurance Company's professional liability and risk management program is now available to certified public accountants in the state of North Dakota.
With its entry into North Dakota, CAMICO is now offering professional liability insurance for CPAs in 45 states and the District of Columbia.
"Working with state CPA societies and associations across the country, we have been able to build a program that stays closely in step with changes in the profession," said John A. Dodsworth, CPA, CAMICO chief executive officer. "We are pleased to be able to offer our insurance and risk management solutions to CPAs in North Dakota."
North Dakota CPAs are encouraged to learn more about CAMICO and the variety of services offered by visiting www.camico.com or calling toll-free at (800) 652-1772.
CAMICO, the nation's largest CPA-owned provider of professional liability insurance and risk management services for accountants, serves more than 60,000 staff members of accounting firms in 45 states and the District of Columbia. The company was the first liability carrier to offer a comprehensive risk management program as a value-added component of the policy package. Free continuing professional education (CPE) is an essential element of the program, and CAMICO is registered with the National Association of State Boards of Accountancy as a sponsor of continuing professional education on the National Registry of CPE Sponsors.
CAMICO is sponsored by state CPA societies and associations in Arizona, California, Colorado, Indiana, Kentucky, Mississippi, Missouri, Nevada, New Jersey, New York, South Carolina, Tennessee, Utah, Virginia and Washington.
Ronald C. Parisi Joins CAMICO Mutual Insurance Company as National Program Director
October 11, 2007 - CAMICO Mutual Insurance Company, the nation's largest CPA-owned provider of professional liability insurance and risk management services for accountants, has appointed Ronald C. Parisi, CPA, JD, as national program director. In that capacity he is responsible for servicing CPA firms with complex professional liability risks and exposures. Parisi will be based in Chicago.
Prior to joining CAMICO, Parisi was the director of accountants liability for Fireman's Fund Insurance Company in Chicago. There he provided Accountants Professional Liability (APL) insurance for Top 100 accounting firms.
"Ron Parisi brings to CAMICO a thorough understanding of professional liability insurance and risk management for CPAs, and his expertise will augment our existing strength in those areas," said John A. Dodsworth, CPA, CAMICO chief executive officer.
Parisi's prior experience includes five years of corporate law practice. He also worked as a CPA in audit and tax departments of PricewaterhouseCoopers, LLP and Coopers & Lybrand.
A certified public accountant with a Juris Doctor from the University of Notre Dame Law School in Notre Dame, Indiana, Parisi also holds a Bachelor of Science in Accounting from the University of Scranton in Scranton, Pennsylvania. He is a member of the Professional Liability Underwriting Society and the American Institute of Certified Public Accountants.
CAMICO Expands Loss Prevention Service
Three New Staffers Counsel Policyholders on Complex Practice Issues
July 25, 2007 - Policyholders of CAMICO Mutual Insurance Company (www.camico.com), the nation's largest CPA-owned provider of professional liability and risk management services for accountants, are receiving more risk management advice and service from a trio of highly experienced accountants recently added to the company's Loss Prevention department.
The addition of Bob Roston, J.D., Randy R. Werner, J.D., CPA, and Duncan B. Will, CPA/ABV, CFE, is driven by higher demand for risk management advice and CAMICO's continued growth and national expansion. The three will provide advice primarily through the CAMICO policyholder hotline.
"These professionals bring a wealth of experience in their areas of expertise, and we're excited to be able to transmit their knowledge to our policyholders," says Suzanne M. Holl, CPA, and vice president of Loss Prevention Services for CAMICO. "The advice our Loss Prevention team provides not only helps keep our policyholders out of trouble, but if they do happen to become involved in client disputes, we can put people in their corner who will help solve the problems they're facing."
The continuous changes in professional standards and the confusion stemming from the changes have led to a growing appetite among firms of all sizes for more and deeper knowledge about practice and risk management, Holl notes.
With more than 80 years of experience among them, Roston, Werner and Will are now advising CAMICO policyholders on a daily basis, providing solutions and presenting educational seminars around the country. Following is a brief description of their roles and experience:
Bob Roston is a tax analyst with CAMICO, responsible for consulting with CPA policyholders on certain complex, technical tax issues. His 30-plus years in tax accounting include Big Four experience and tax counsel and managerial experience in the high-tech industry. He began his career in Los Angeles as a tax accountant in public practice.
He later worked for more than 25 years as a tax counsel, tax manager and tax director in Silicon Valley, where he performed tax research, tax planning, tax compliance, tax provision, and tax audit work. He also provided tax advice on a variety of corporate tax matters, including income tax, sales and property tax, retirement and stock option plans, and foreign taxation. He holds a Bachelor of Science in Accounting and Marketing from the University of California, Berkeley and a law degree from the UCLA School of Law. He also earned a Master of Laws in Taxation from the Georgetown University Law Center.
Randy Werner and Duncan Will are loss prevention specialists responding to CAMICO loss prevention hotline inquiries and speaking to CPA groups on various topics.
Werner has 24 years of tax and accounting experience, including regional accounting firm experience as well as Big Four public accounting experience in federal and state tax. She has also practiced as a sole practitioner in estate planning. A member of the California State Bar Association since 1983, she is a member of the Bar's Taxation section as well as a working member of the Taxation Section's Procedure and Litigation Committee.
She earned a Bachelor of Science in Commerce from the Santa Clara University School of Business, a law degree from the Santa Clara University School of Law, a Master of Laws in Taxation from Golden Gate University, and a Master of Science in Accounting from San Jose State University.
Will's 28 years of accounting experience include public accounting, forensic accounting, and consulting, in addition to audit and tax compliance. He began his accounting career as a staff accountant in the Washington D.C. area and has spent most of his career in California and Florida. Will is Accredited in Business Valuation, a Certified Fraud Examiner, and an active member of the Association of Certified Fraud Examiners.
He earned a Bachelor of Science in Accounting from the University of Maryland and has studied accounting and taxation at the University of Baltimore, Golden Gate University and Florida Atlantic University.
They join several other highly experienced resource experts at CAMICO, including:
- Jeffrey C. Hohman, CPA, and June Thornton, loss prevention specialists;
- John F. Raspante, CPA, M.S.T., national account advisor;
- Gail A. Dennis, CPCU, RPLU, vice president of underwriting;
- Ron Klein, J.D., CFE, vice president - claims counsel;
- Christopher G. Piety, Esq., vice president of claims;
- Ric Rosario, CPA, CFE, executive vice president - risk management; and
- John A. Dodsworth, CPA, CEO and director.
CAMICO Names Two New Directors, Committee Member
CPAs Andrew Eassa of Syracuse, New York,
Bryan Polster of Palo Alto, California, and
Greta Tosi-Miller of Tysons Corner, Virginia
June 28, 2007 - CAMICO Mutual Insurance Company (www.camico.com), the nation's largest CPA-owned provider of accountants professional liability insurance, announced it has elected Andrew M. Eassa, CPA/ABV, CVA, and Bryan C. Polster, CPA, to its Board of Directors, and Greta Tosi-Miller, CPA, as a new Member-at-Large of the company's Claims and Loss Prevention Committee.
Eassa, a founding principal of Firley, Moran, Freer & Eassa, P.C., a public accounting firm based in Syracuse, New York, was elected in February and replaced the late Robert C. Daney, CPA, who had been a member of the CAMICO Board since 1999.
Polster is managing partner of Frank, Rimerman & Co. LLP in Palo Alto and was elected to the CAMICO Board in June. He replaced Kenneth J. Ashcraft, CPA, who had served on the Board since CAMICO's inception in 1986. The departure of Ashcraft from the CAMICO Board is a milestone: He is a founding member of the company and chaired the task force that studied the insurance environment and recommended that CAMICO be formed.
Tosi-Miller is a senior partner with Goodman & Company, a CPA firm with more than 300 professionals and 11 offices in Virginia and Maryland. She was the managing partner of Crutchley, Marginot & Tosi before it merged with Goodman & Company in 2004.
"We're fortunate to have experienced professionals like Andrew Eassa, Bryan Polster, and Greta Tosi-Miller serving our policyholder members," says Lou Barbich, CPA and chairman of the CAMICO Board of Directors. "Because of our expansion as a company, we're able to draw from a national base of experience among our own policyholders, and that translates into a larger pool of outstanding CPAs to serve on the governing bodies for CAMICO and its policyholders."
About the New Board and Committee Members
Andrew Eassa - President and managing principal of his firm's operating committee, Eassa co-manages the firm's business valuation practice. He has more than 30 years of experience in the areas of business valuation, litigation support, financial analysis, strategic planning and accounting, audit and tax-related compliance.
Eassa is a member of the American Institute of Certified Public Accountants (AICPA), the New York State Society of CPAs, and the National Association of Certified Valuation Analysts. Active in community affairs, Eassa is president of the Board of Directors of the Elmcrest Children's Center, a director and treasurer of the Child Welfare League of America; a director of the Community Hospital Foundation, and a member of the hospital's finance committee. He is also a member of the Niagara University accounting department advisory board.
Bryan Polster - A practicing CPA since 1978, Polster manages a multi-office accounting and consulting practice based in Palo Alto, California. Frank, Rimerman & Co. LLP provides accounting, tax, and consulting services to private and public enterprises in many different industries, including technology, real state, venture capital, and high-net-worth families and investor groups. The consulting services include business process improvement, information technology, litigation support, business planning, mergers and acquisitions, wealth management, corporate finance, and valuations.
He serves as a member of the AICPA Governing Council and on numerous committees of the AICPA, including the Professional Ethics Executive Committee, the Nominations Committee and the Virtual Grassroots Panel.
In California, Polster serves as a director of the California Society of Certified Public Accountants (CalCPA) and on CalCPA's Strategic Vision Advisory Task Force. He is also a director of Baker Tilly USA, LLP, a director of the Sobrato Family Foundation, and a member of CAMICO's Audit Committee.
Greta Tosi-Miller - She joined Crutchley, Marginot & Tosi in 1985 after spending eight years in the tax practice of a national public accounting firm and a number of other large local firms. She is a frequent speaker and lecturer at various business and association meetings on a variety of technical and practice management topics in accounting.
She holds a Bachelor of Science in Business Administration from Ohio State University, is a member of the AICPA and the Virginia Society of Certified Public Accountants, and serves on the latter's Management of an Accounting Practice Committee for Northern Virginia.
When Competency Becomes an Ethics Issue...or More
February 28, 2007 - The current shortage of qualified staff has led accounting firms into an ethical challenge with the potential for significant damage to the profession, according to a national expert on risk management for CPA firms.
The difficulties firms have had in finding and retaining qualified staff during the past several years has led to a problem of inadequate competency, says John F. Raspante, CPA, an advisor with CAMICO Mutual Insurance Company.
He notes that the problem has been compounded by the reduction of the Big Five to the Big Four and the cascading of extra work to mid-sized firms and then to smaller firms. The resulting surplus of work and the dearth of experienced CPAs have created a business environment in which too many firms are accepting engagements for which they are not qualified.
"Firms seeing the current environment as an opportunity to obtain new clients and increase their billings will do better by considering the increased risk exposures from accepting engagements that are not a good fit for the firm's expertise," Raspante says.
"Substantial losses in revenue and billable time, as well as damage to reputations, can come from disappointing clients and becoming embroiled in litigation. Further, violations of professional and ethical standards as a result of incompetent work can potentially put a firm's licenses in jeopardy," he adds.
Raspante points to CAMICO claims experience, which shows that CPAs are most at risk when expanding into new service niches without adequate preparation. Statistics show that once a firm has entered a niche, it needs to practice in it often enough to stay current and proficient in it.
The chart below, "Loss Ratios vs. Service Concentration" shows that services that represent 65 percent or more of a firm's service concentration produce loss ratios of about 25 percent (i.e., 25 cents of every premium dollar is a loss). Services that represent 15 to 65 percent of a firm's service concentration produce loss ratios of about 70 percent.
But the kicker is in services representing less than 15 percent of a firm's service concentration: Loss ratios rise to a staggering 225 percent. Clearly, dabbling in an area where the firm is not practicing the services often enough is a highly risky activity.
Codes of Conduct
The issue of competence is addressed in the AICPA Code of Conduct under ET Section 56, Article V: Due Care, as well as in several state codes of conduct. Article V, Section .03 of the AICPA code states that competence "establishes the limitations of a member's capabilities by dictating that consultation or referral may be required when a professional engagement exceeds the personal competence of a member or a member's firm."
Raspante recommends these basic options to dabbling:
- Refer clients to other practitioners who have the requisite expertise in a specific area; and/or
- Consult with other practitioners to acquire the expertise needed in a specific area.
"Referring clients to other practitioners instead of attempting to perform a service for which you are unqualified is not only the prudent course of action, but it will generate goodwill and respect from clients who will appreciate the referrals," he said. "Clients are already accustomed to accepting referrals from their doctors and other professionals, and CPAs will enhance their own reputations by emulating such practices."
Gaining Competency
Raspante suggests that CPAs interested in gaining competency in a specific area do so by:
- acquiring CPE in the area;
- reading the professional literature;
- acquiring a designation in a specialization;
- consulting with a practitioner who is current in a specialization;
- joining a CPA society committee on a specialized area (e.g., estate planning committees);
- joining a specialized association or society (e.g., business valuation associations); and
- joining an association of other CPA firms to facilitate consultations, cross-referrals, and the exchange of expertise and information as part of the learning process.
"Competency includes the ability to identify risk stress points in an engagement, which requires a thorough understanding of the client's business and industry. Take your time and err on the side of caution when venturing into new territory," says Raspante.
Practitioners can utilize the AICPA Competency Self-Assessment Tool (CAT) to evaluate their strength in certain areas. The tool is free to AICPA members and $49 per year for non-members. (See www.cpa2biz.com.)
Audit and accounting literature is also available at cpa2biz.com for several specialized areas in industries such as agriculture, airlines, securities broker-dealers, lending institutions, casinos, construction contractors, insurance companies, and state and local governments.
AICPA audit quality centers also provide guidance and information for specialized audits. Links are posted at www.aicpa.org under Professional Resources/Public Accounting Firm Resources: Center for Audit Quality, Employee Benefit Plan Audit Quality Center, and Governmental Audit Quality Center.
Client Screening
"CAMICO has long recommended client screening as a way to evaluate not just whether a current or potential client is acceptable, but whether the firm is qualified and able to provide the services the client needs," Raspante said. Client screening processes have become standard practice for such purposes, as evidenced by AICPA Practice Alert 2003-03 on "Acceptance and Continuance of Clients and Engagements."
"Some CPA firms make an annual habit of redefining and understanding the scope of their practice, going as far as to write out a clear statement of what they can do and what they cannot do," he said. "If they have clients who don't fit into that scope, they disengage and refer the clients elsewhere. Establish a policy for what types of engagements your firm will avoid because of a lack of technical expertise."
CAMICO Receives Utah Association of CPAs Endorsement
March 9, 2007 - The Utah Association of Certified Public Accountants (UACPA) has named CAMICO Mutual Insurance Company as the endorsed provider of professional liability and related risk management services for UACPA members.
Created by CPAs to protect CPAs, CAMICO is the nation's largest CPA-owned mutual insurance company and the second largest provider of CPA professional liability insurance nationally. In addition to insurance coverages, the company provides comprehensive risk and claims management services designed to help CPA firms improve practices and minimize losses on a proactive basis.
"CAMICO's specialized risk management expertise, developed from its close affiliation with the profession, can assist our members with a wide variety of practice issues," Bryan C. Bolander, CPA, president of the UACPA, said. "We believe that UACPA members can benefit from such expertise and that CAMICO is committed to taking an active role in assisting our members."
John A. Dodsworth, CPA, CAMICO CEO, said, "The endorsement of the Utah Association of CPAs reaffirms that CAMICO is succeeding in its mission to stay closely in step with the changes in the profession and to provide a stable, state-of-the-art liability insurance program for CPAs. We look forward to working closely with the Utah Association in serving its membership."
The UACPA (www.uacpa.org) supports the accounting profession and its approximately 2,400 members who serve in public accounting, business and management, government, education and other fields. The UACPA provides its members with strategic education, leadership development, beneficial alliances, and public awareness initiatives.
CAMICO Mutual Insurance Company (www.camico.com) currently serves nearly 7,000 accounting firms and 60,000 staff members in 44 states and the District of Columbia. CAMICO is sponsored by state CPA societies/associations in Arizona, California, Colorado, Indiana, Kentucky, Mississippi, Missouri, Nevada, New Jersey, New York, South Carolina, Tennessee, Utah, Virginia and Washington.
Malpractice Insurance Provider Selected for New Jersey Society of CPAs
Jan. 8, 2007 - The New Jersey Society of CPAs (NJSCPA) announces that it has selected CAMICO Mutual Insurance Company, of Redwood City, CA and The McLachlan Kane Insurance Agency of Somerville, NJ as the NJSCPA's sole preferred provider carrier and agent, respectively, of accountants' malpractice insurance.
The NJSCPA Insurance Trust recently concluded an extensive evaluation of professional liability insurance providers for the purpose of securing the best combination of policy benefits, responsive service and low rates for its members.
The NJSCPA took great care to collect and evaluate submissions from major providers operating in New Jersey. James Bourke, CPA, and President of NJSCPA, indicated that the final selection was based upon the exclusive CPA focus and financial strength of the carrier. Those features combined with the extensive knowledge, expertise and policyholder advocacy demonstrated by McLachlan Kane. Mr. Bourke indicated that this new benefit assures NJSCPA members of the best coverage, professional service and most favorable rates.
CAMICO is the nation's largest CPA-owned mutual insurance company. It was formed in 1986 by a group of CPAs for the sole purpose of providing other CPAs in the profession with professional liability coverage at stable rates. Said Bourke, "We were also impressed by CAMICO's dividend program, which under favorable circumstances, returns to our members any excess premiums after the payment of claims and operating expenses."
McLachlan Kane is a statewide insurance agency specializing in professional liability. "We are proud to be the only sponsored insurance agency of the New Jersey Society of Certified Public Accountants. Members should anticipate the highest level of personal attention and should call us now for help in understanding this new benefit," said Henry Kane, managing partner.
McLachlan Kane is the CPA's direct link to the benefits of this new program. The agency serves firms of all sizes, from the sole practitioner to some of the biggest names in accounting in New Jersey.
The New Jersey Society of Certified Public Accountants, with more than 14,500 members, represents the interests of the accounting profession and advances the financial well-being of the people of New Jersey. The NJSCPA plays a leadership role in supporting the profession by providing members with educational resources, access to shared knowledge and a continuing effort to create and expand professional opportunities.
Contact
McLachlan, Kane Insurance Agency
Somerville, NJ
Henry Kane
908-526-0500
CAMICO Declares Policyholder Dividend
December 6, 2006 - CAMICO Mutual Insurance Company (www.camico.com) announced it will distribute a dividend of more than $1.3 million to firms with active policyholder status as of January 2, 2007 that have paid premiums on policies written between Jan. 1, 2002 and Dec. 31, 2005. The dividend consists of collected premiums that were not used for claims payments or operating expenses.
As a mutual insurance company, CAMICO is owned by its policyholders and returns to them any monies remaining after the payment of claims and operating costs. The 2006 dividend was recently approved by the company's Board of Directors and will be fully distributed early next year.
Since 1998, CAMICO has declared more than $31.7 million in returns to its member policyholders.
"This dividend underscores solid expense management by the company and serves as additional confirmation that our exclusive focus on CPA firm risk management is effective," said John Dodsworth, CPA, CEO of CAMICO.
Since its inception 20 years ago, CAMICO has achieved steady growth and has established a financially sound company to fulfill the long-term insurance needs of CPA firms. The company currently has total assets of more than $150 million and serves nearly 7,000 policyholder firms with underwriting, claims management, and loss prevention services.
A.M. Best, the nation's premier rating agency for insurance companies, has consistently rated CAMICO A- (excellent) for financial strength and claims paying ability.
CAMICO Founding Members Offer 20 Risk Management Tips
20 Tips from 20 Years
October 26, 2006 - This year marks the 20th anniversary of CAMICO Mutual Insurance Company. After two decades of dialog with its CPA policyholders, CAMICO has become a national repository of risk management knowledge for accounting firms. A mutual insurer owned and operated by CPA policyholders, CAMICO recognizes that its success is largely due to the acquired experience and learning of those CPAs.
Following are 20 tips and thoughts from leaders in four of CAMICO's founding, 20-year member firms - one for each year of service:
1. Before entering a new engagement, be sure you have the human and professional resources to back up the scope of work. (Armanino McKenna)
2. Perform a thorough background check on all potential new clients, including inquiring with former CPA firms, before accepting an engagement. (Kirsch, Kohn & Bridge)
3. Provide continuous training opportunities for your employees in the area of risk management. Be sure all employees understand the firm's appetite for risk and the kinds of clients it wants to engage. (Goldstein Munger & Associates Financial Advisors)
4. Don't dabble in high-risk or technical engagements that require specialized expertise or competency that you haven't acquired yet. (Bartlett, Pringle & Wolf)
5. Be willing and ready to turn down clients that are too risky or don't match your firm's expertise. (Armanino McKenna)
6. Continually evaluate each client relationship. Whenever there is a material change with your client (e.g., business change, new management, new products), or new accounting or tax issues, reevaluate the relationship from a risk management perspective. (Kirsch, Kohn & Bridge)
7. Develop strong client acceptance procedures and don't comprise. (Armanino McKenna)
8. Become adept at setting and documenting client expectations so there is no perception gap that could lead to a lawsuit. (Goldstein Munger & Associates Financial Advisors)
9. Communicate early, often and clearly with clients on all engagements and projects, and document all conversations and communications and keep engagement letters current. (Kirsch, Kohn & Bridge)
10. Create a team to evaluate new engagements to ensure the quality of the work product. (Armanino McKenna)
11. Perform due diligence in vetting other professionals you will be relying on; e.g., the actuaries for the pension plan you are auditing must be reputable. (Bartlett, Pringle & Wolf)
12. When you partner with other providers on behalf of clients, be sure to carefully control the communications between your firm and theirs to avoid misunderstandings. (Armanino McKenna)
13. Disclose clearly to clients how you are paid and what your arrangements with third-party providers are. (Goldstein Munger & Associates Financial Advisors)
14. Understand which issues are critical to third parties. How will the work product be used by all parties? Pay extra attention to the parts of the work that are going to be relied upon for critical or high-risk transactions. (Bartlett, Pringle & Wolf)
15. Exercise strong due diligence in tax areas-often the areas of highest risk exposure-and stay at the leading edge of knowledge and changes in tax codes, tax law, and tax strategy. (Kirsch, Kohn & Bridge)
16. Stay current with the standards, rules and regulations governing specific types of industries and entities. Know how standards, rules and regulations affect the way various circumstances are handled. (Bartlett, Pringle & Wolf)
17. Be active in your CPA societies to know what is happening in your field. The AICPA and state CPA societies are instrumental in helping practitioners stay current. (Bartlett, Pringle & Wolf)
18. Perform due diligence on your own firm's internal financial controls and security controls. (Kirsch, Kohn & Bridge)
19. If you need to disengage a client, craft your disengagement letter carefully and have it vetted by other partners in your firm as well as your professional liability carrier. (Goldstein Munger & Associates Financial Advisors)
20. Contact an expert at your professional liability carrier whenever you have a question about an engagement. (Goldstein Munger & Associates Financial Advisors)
About the founding members
Armanino McKenna LLP
This full-service, San Ramon, California, firm has grown by leaps and bounds since the Enron debacle changed the competitive landscape of the accounting profession. Feasting off of referrals from national firms and "orphaned" clients found on the open market, Armanino McKenna has become the largest California-based accounting and consulting firm by revenue according to Accounting Today magazine. www.amllp.com
Bartlett, Pringle & Wolf LLP
Bartlett, Pringle & Wolf LLP is a full-service CPA firm that has served the Santa Barbara community for more than 50 years. The firm's 60 professionals specialize in accounting, tax for businesses, estates and individuals, audit, information systems, accounting software, financial planning, wealth management and business consulting services. www.bpw.com
Goldstein Munger & Associates Financial Advisors
An independent financial and investment advisory firm registered with the Securities and Exchange Commission, the San Ramon firm began operations in 1979. It guides clients in establishing financial goals, developing a plan for achieving those goals, and helping with the implementation of that plan. www.goldsteinmunger.com
Kirsch, Kohn & Bridge LLP
Founded in 1960, this Encino, California, firm focuses on financial and tax planning services, evaluating companies' financial controls, operational efficiency, risk management, and accounting information systems, taking on the role of business advisor as well as accountant. In the area of tax and tax planning, it takes on complex, sophisticated clients from high-tech to retail and entertainment concerns.
www.kkbcpa.com
CAMICO Appoints Georgia CPA Carolyn C. Riticher to its Board of Directors
August 10, 2006 - CAMICO Mutual Insurance Company, the nation's largest CPA-owned provider of professional liability insurance and risk management programs for the accounting profession, has named Carolyn C. Riticher, CPA, CVA, to a three-year term on its board of directors. Riticher was elected to this position by CAMICO policyholders at company's annual meeting last month.
Riticher, a stockholder and a member of the management group of Windham Brannon, P.C., one of Atlanta's largest and oldest independent CPA firms, has more than 23 years of experience in income tax and corporate accounting in both private industry and public accounting.
She is a past president of the Georgia Society of Certified Public Accountants and the Educational Foundation of the GSCPA and is currently a member of the Governing Council of the American Institute of Certified Public Accountants. She is past chairperson of the Joint Trial Board of the AICPA.
Riticher becomes CAMICO's first director from Georgia and joins three other directors from outside of California on the 12-person board. She replaces Diana Sanderson-Mori, CPA, who is retiring from the board of directors.
Riticher has been active in CAMICO's committee system, joining in a member-at-large advisory capacity in 2002. She served two years on the claims and loss prevention committee and two years on the investment committee. Riticher rotates to CAMICO's underwriting committee this month to begin a two-year term.
"Ms. Riticher's extensive experience and knowledge of daily practice gives her a deep understanding of the risks and practice issues facing CPAs," says CAMICO CEO John A. Dodsworth, CPA. "Her insights will continue to be invaluable to our company as we welcome her to the board of directors."
