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, hail, financial and many other crises that continue to dominate our country’s headlines, AMIC has stayed the course, weathered the storms and continues to focus on its original goals. I am pleased to bring you this report on the activities of AMIC.

Membership

We have added seven new members since we met last year. Overall, AMIC’s membership, continues to hold steady with 568 insured’s, including 392 municipalities, 87 utility boards, 40 solid waste/water authorities, 26 associations and 23 transit authorities. AMIC’s current market share exceeds 95 percent.

Dividends

I am pleased to report that in 2010 AMIC will pay a 3 percent dividend for capitalized members. This equates to over $8,000,000 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 refine its services, with more personal visits and live training programs. AMIC and MWCF’s team approach has allowed both programs to provide 10 dedicated staff members to focus on all aspects of our members’ operations – translating into more services and programs at a much reduced cost. 

Training

AMIC and MWCF’s SkidCar system, which was implemented nine years ago, has been very successful with over 10,000 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 3,600 police officers from departments throughout the state.

Financials

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

On December 31, 2009, on a statutory basis, assets were $82,181,982 and net worth was $21,574,310. Earned premiums are $32,206,946, a 4.1% increase over 2008. Total gross annual premiums now exceed $39,200,000.

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 20 years and beyond.

 

The Honorable Billy Joe Driver

Chairman, AMIC Board of Directors