To the Members of AMIC:
A Message from the Chairman
27 years ago, 233 cities and towns pledged over 6 million dollars, hoping to make the dream of starting and running their own insurance company a reality. That dream became what is known as AMIC. Today, AMIC insures over 95 percent of all municipalities in the State of Alabama. More importantly, AMIC has been there when you needed it the most. In fact, AMIC has paid out more than $357 million in claims for its members over its 27 year existence.
AMIC has added 8 new members since we met last year. Overall, AMIC’s membership, continues to hold steady with 580 insured’s, including 396 municipalities, 79 utility boards, 42 solid waste/water authorities, 43 associations and 20 transit authorities. AMIC’s current market share exceeds 95 percent.
I am pleased to report, that in 2016, 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.
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.
The SkidCar system, which was implemented 16 years ago, has been very successful with over 16,000 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 7,000 police officers from departments throughout the state.
As AMIC celebrates its 27th year of service, we have just completed 15 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 15 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, 2015, on a statutory basis, assets were $106,258,734 and net worth was $44,868,038. Net premiums are $32,012,262, a slight increase from 2014. Total gross premiums written now exceed $40,035,000.
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