CAMICO financials remain sound after five consecutive years, 2010 through 2014, in which CAMICO’s net income and policyholder surplus have grown. 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 Company to issue a slight downgrade of CAMICO’s financial strength from B++ (Good) to B+ (Good). This rating keeps CAMICO in the upper echelon of Secure insurers. In A.M. Best’s words, a “Good” rating is “assigned to companies that have, in our opinion, a good ability to meet their ongoing insurance obligations.” A.M. Best also issued a “stable” rating for CAMICO, 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 Alliance Managers, 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 CAMICO 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 are continuing to take steps to improve CAMICO’s rating, strengthen surplus, control costs, improve profitability, and further embed superior policyholder service into the company culture. The 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-Berkley programs; and
4) growing our share in all states where we operate.
CAMICO also maintains a strong reinsurance program supported by “A rated” reinsurers and remains committed to its mission of protecting, advising and solving problems for CPAs. More information on CAMICO’s financial strength is available at this link: “Financial Strength.”