September 2017 marked the three-year anniversary of the program forged by CAMICO and Berkley Alliance Managers, a Berkley company. The CAMICO-BAM program serves CPA firms seeking larger professional liability insurance policy limits, as well as firms requiring an A+ rating, as W. R. Berkley Corporation’s insurance company subsidiaries are rated “A+ (Superior)” by A.M. Best Company.
CAMICO Mutual Insurance Company, which has been insuring CPA firms since 1986, continues to serve firms seeking smaller policy limits. Both CAMICO Mutual and the CAMICO-BAM program provide all CAMICO policyholders with the CPA-focused services, resources and expertise that CAMICO has provided for more than 31 years, including risk management, loss prevention, potential claims, and claims services. These features are highly popular with policyholders and help CAMICO maintain its annual policyholder retention rate of more than 93 percent, year after year.
The CAMICO-BAM program also provides greater capacity, flexibility and options to CAMICO policyholders and has played a major role in improving CAMICO’s key financial ratios.
Stephen L. Porcelli, president of BAM, points out that he and his team share CAMICO’s proactive philosophy of taking care of policyholders’ risk management problems. “Berkley Alliance Managers shares common interests, traits and goals with CAMICO, and we are closely aligned with each other on our approach to understanding and helping policyholders.”
Berkley Alliance Managers is an operating unit of W. R. Berkley Corporation and as such reacts as quickly and effectively as a smaller business while offering the stability and resources of a larger corporation. “We are experts in high-service professional liability, and our people are highly experienced and focused on their roles in serving policyholders,” said Porcelli. “Our accessibility to partners such as CAMICO enables us to make the best strategic decisions for all stakeholders.”
Porcelli noted CAMICO’s long history of success in serving the accounting profession: “CAMICO offers CPAs a unique high-end experience – policyholders know that their CAMICO policy comes with a myriad of useful risk management advice and assistance. It starts with an underwriting approach that fully grasps the unique challenges faced by the accounting profession, and it continues with a consultative approach to avoiding, minimizing and handling claims.”
In short, BAM’s stability, size and expertise in professional liability combines with CAMICO’s CPA-centric expertise, services and resources to provide an exceptional program for CPA firms. “A powerful part of our partnership is that CAMICO and BAM have better know-how and ideas when it comes to serving policyholders,” said Porcelli. “When we get that message across to CPAs, and they experience the assistance our program provides, they start to understand the mission and become advocates themselves. We want to build that support and keep distinguishing our program from others. We believe CAMICO is poised to reach an even wider audience of CPA firms around the country for many years to come.”