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Niche Expertise
NAMICO provides professional liability insurance exclusively to the members of the National Association of Mutual Insurance Companies (NAMIC) and their agents. NAMICO’s underwriting and pricing philosophy reflect the unique exposures of mutual insurance companies.
Trade Association
NAMICO was organized by NAMIC during the tumultuous insurance market of the mid-1980’s to provide a stable and affordable market for Professional Liability Insurance.
NAMICO staff play an active role in the trade association. Staff members lend their expertise to educate NAMIC members and are frequent speakers at industry events. Loss prevention, corporate governance, bad faith claims handling are frequent topics.
Financially Strong
NAMICO is rated “A” (Excellent) by the A.M. Best Company. Since its inception, surplus has grown from $3.7 million in 1987 to over $18 million in 2005.
NAMICO’s dependence on the reinsurance market is mitigated by quota share reinsurance arrangements with members of the NAMIC reinsurance pool.
Historically the NAMICO D&O/E&O programs have been very profitable, enabling approximately 150 reinsurance pool members to receive over $22,000,000 in pool profits since 1987. Clearly past performance of the pool does not foretell the future and there are no guarantees, but bottom line, the program does provide NAMIC members with an unique alternative to the traditional market.
Underwriting and Risk Selection
NAMICO only insures members of the National Association of Mutual Insurance Companies and related entities. Mutual insurance companies and their agents present unique risks that are very different from their stock company counterparts. NAMICO underwriting and risk selection practices reflect a conservative long-term commitment to the market.
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