US liability insurance carrier for the accounting profession CAMICO registered a gain of $2.2m in policyholders’ surplus for the year ended 31 December 2011.
As per the details published in its Insurance Company’s 2011 Operations Report, CAMICO’s net income stood at $1.44m during the year, with a growth of 52%, over the $945,000 during the same period in 2010.
The firm said that its total policyholder surplus for 2011, increased by 6% to $37.4m, from the $35.2m registered in 2010.
Expressing his happiness over improved growth, CPA chairman of the board Louis Barbich said, "This continuous growth and high renewal rate reflects strong policyholder loyalty in response to the CAMICO experience — providing comprehensive risk management expertise tailored to CPA firms, meeting policyholder needs, and solving their problems."
As per the data released by the underwriter, the number of CAMICO policyholders continued to grow since 1992 and at year end, nearly 8,000 CPA firms nationwide were CAMICO policyholders, up by 2.5% over the number of policyholders in 2010.
CAMICO offers specialty liability insurance and related services to more than 8,000 CPA firms and 53,000 staff members in 45 states across the US.