A Message From the AMIC Chairman

 

More than 20 years ago, the League set out to create an insurance company that would provide its cities and towns with a stable, fairly priced insurance product. Today, despite hurricanes, tornados, tsunamis and many other crises that continue to dominate our nations's headlines, AMIC has stayed the course, weathered the storms and continues to focus on its original goals.

Membership

We have added 16 new members since we met last year. Overall, AMIC’s membership, remains steady with 572 insureds, including 391 municipalities, 87 utility boards, 41 solid waste/water authorities, 30 associations and 23 transit authorities. AMIC's current market share exceeds 95 percent.

Dividends

I am pleased to report that in 2011 AMIC will pay a 3 percent dividend for capitalized members. This equates to over $8,700,000 in dividend credits AMIC has returned to its participating capitalized members since 1998. Dividends are possible because of the tremendous support from AMIC's members and will be paid to all participating members renewing with AMIC.

Loss Control

AMIC's Loss Control Department will continue to combine its Loss Control resources with the Municipal Workers Compensation Fund, Inc. (MWCF). This team approach has allowed both programs to provide 10 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 10 years ago, has been very successful with more than 10,700 police officers, fure 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 4,200 police officers from departments throughout the state.

Financials

As AMIC enters its third decade of service, we have just completed nine years with all services in-house. This improvement has allowed AMIC to increase the level and quality of services while reducing expenses annually by more than $3,000,000. With the current state of the economy, AMIC continues to implement cost cutting programs that are further reducing expenses and keeping insurance costs down.

On December 31, 2010, on a statutory basis, assets were $81,704,632 and net worth was $18,206,312. Earned premiums are $32,047,718, a slight decrease from 2009. Total gross annual premiums now exceed $38,800,000.

Conclusion

In closing, let me say it is a distinct pleasure to bring this excellent report to you. Membership continues to increase; member surplus is holding steady; and AMIC looks forward to meeting your insurance needs for the next twenty years and beyond.

 

The Honorable Billy Joe Driver

Chairman, AMIC Board of Directors