CAMICO and CPA Mutual Conclude Agreement to Transfer Accountants Professional Liability Insurance Program to CAMICO
CAMICO, the nation's largest CPA-owned and directed program of insurance and risk management for the accounting profession, has reached an agreement with CPA Mutual to transfer CPA Mutual's Accountants Professional Liability Insurance program to CAMICO, effective Jan. 1, 2021, as policies renew.
The agreement represents the collaboration of two mutual insurance companies both founded by CPAs to provide CPAs with policyholder-oriented coverages and services customized for CPAs. Both companies were formed in 1986 in response to a professional liability insurance crisis that made it difficult for CPA firms to find affordable coverage, and both companies have identical missions that focus on the insurance and risk management needs of CPA firms.
CPA Mutual's member service and sales team will join CAMICO and will continue servicing CPA Mutual accounts as they transition to CAMICO. CPA Mutual will also continue to service open claims filed with CPA Mutual, using the same claims team, and assist with the transition. Steve Tatone, chairman of CPA Mutual's board of directors, will be joining the CAMICO governance structure to share his talents and knowledge of CPA Mutual policyholders.
"We are extremely pleased to announce this move," said Tatone. "CPA Mutual has provided CPAs with excellent services and coverage for 34 years, and transitioning our members to CAMICO will continue the same high-quality services and coverage our members have come to expect."
Bill Thompson, president of CPA Mutual, said, "As companies founded by CPAs for CPAs, CPA Mutual and CAMICO have always been committed to doing what is right for CPAs. We see this move as the best way to serve our members and to provide them with CAMICO’s additional knowledge, expertise, support and breadth of services."
"CAMICO is proud to have been selected to continue CPA Mutual's tradition of excellent service and expertise for its members," said Ric Rosario, president and CEO of CAMICO. "We look forward to partnering with these firms as they become CAMICO members and tap into CAMICO’s program to help ensure their security and success."