Indianapolis (July 1, 2007)— NAMIC Insurance Company, Inc. (NAMICO), a specialty lines carrier that insures members of the National Association of Mutual Insurance Companies (NAMIC) and their agents, is celebrating 20 years of service to its policyholders today.
NAMICO was incorporated in Indiana on Nov. 21, 1986, and began operations on July 1, 1987 by offering directors and officers liability, insurance company professional liability, and agents’ errors and omissions insurance.
The blueprint for NAMICO was originally conceived by an ad hoc task force comprised of senior executive officers from several mutual property/casualty companies in response to the liability insurance crisis of the mid-1980s. Considered to be an exemplary display of mutuality, the National Association of Mutual Insurance Companies and a majority of its members were responsible for the company’s capitalization. “A significant number of members also provided reinsurance support through a pooling arrangement, which still exists today and has proven to be a stabilizing influence on NAMICO’s premiums” noted Jerry Wollam, president of NAMICO.
“Created and reinsured by NAMIC members -- for the benefit of members -- NAMIC Insurance Company provides unsurpassed value in professional liability insurance for the mutual insurance company and its agents” said Chuck Chamness, president of NAMIC.
Although NAMICO is not licensed in all states, a close working relationship with Scottsdale Insurance Company and the use of counter reinsurance agreements allows the Company to manage a program that attracts targeted business from across the United States.
“Scottsdale Insurance Company is a proud partner of NAMICO. We are both celebrating major milestones this year and we offer our congratulations to NAMICO for its 20 years of service to its members” said Mike Miller, president of Scottsdale Insurance Company.
Today, the program writes D&O and E&O coverage and provides risk-management expertise in 42 states to over 700 mutual property/casualty insurance companies and more than 4,000 property/casualty insurance agents.
NAMICO is rated “A” or “Excellent,” by the A.M. Best Company. Since its inception, surplus has grown from $3.7 million in 1987 to $20 million in 2007. The company employs a staff of 14, with senior staff having extensive background in professional liability insurance.
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Posted: Sunday, July 01, 2007 12:00:00 AM. Modified: Wednesday, July 11, 2007 1:42:24 PM.
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