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Letter from the chairman

 

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To the Members of AMIC:
A Message from the Chairman

AMIC is nearing the end of its third decade of protecting the cities and towns of Alabama. The outlandish idea of a group of cities creating its own insurance company has become a reality, and I can proudly say that AMIC, which today provides protection to nearly every city and town in Alabama, has become much more successful than any of us could have ever dreamed.



Membership

AMIC has added 7 new members since we met last year. Overall, AMIC’s membership, continues to hold steady with 578 insured’s, including 391 municipalities, 78 utility boards, 41 solid waste/water authorities, 48 associations and 20 transit authorities. AMIC’s current market share exceeds 95 percent.



Dividends

I am pleased to report, that in 2017, AMIC will pay a 3 percent dividend for capitalized members. This equates to approximately $11,800,000 in dividend credits AMIC has returned to its participating capitalized members since 1998. Dividends will be paid to all participating members renewing with AMIC. This is made possible because of the tremendous support from our members.



Loss Control

AMIC’s Loss Control Department will continue to combine its Loss Control resources with the MWCF. This team approach has allowed both programs to provide ten dedicated staff members to focus on all aspects of our members’ operations, which translates into more services and programs at a much-reduced cost.



Training

The SkidCar system, which was implemented 17 years ago, has been very successful with over 16,800 police officers, fire fighters, and employees trained to date. The Fire Arms Training System (FATS), which provides state of the art “decision making” training to our police officers, has trained over 7,400 police officers from departments throughout the state.


Financials

As AMIC celebrates its 28th year of service, we have just completed 16 years with all services in-house. This improvement has allowed AMIC to increase its quality of services, while reducing expenses by more than $36,000,000 over the last 16 years. To put it simply, that is $36,000,000 you get to use to improve your city or town. AMIC continues to monitor its costs and is working hard to keep its expenses and your insurance costs down.


On December 31, 2016, on a statutory basis, assets were $111,884,455 and net worth was $48,963,236. Net premiums are $32,720,697, a slight increase from 2015. Total gross premiums written now exceed $40,723,425.


Conclusion

In closing, let me say it is a distinct pleasure to bring this excellent report to you. Membership continues to hold steady; member surplus is strong; and AMIC looks forward to Insuring the Future of Your Local Government.

The Honorable Billy Joe Driver

Chairman, AMIC Board of Directors