About Us

History

In the late 1970s, Oklahomans were not necessarily known as trendsetters. However, in the area of lawyers’ professional liability insurance, a handful of Oklahoma Bar members were well ahead of their time as they established what would later become one of the first six original bar-related captive insurance companies in the nation.

As the number of attorneys increased in the state, unfortunately access to reliable, locally managed lawyers’ liability insurers shrunk. Our founders faced gaps in coverage, fluctuating rates, and a lack of quality customer service. As a result, members of the Oklahoma Bar began to ask if there was a better way to insure themselves and their fellow Oklahoma lawyers. They started to consider how a new organization could provide insurance that didn’t feature regular dips in coverage or shifting rates, and most importantly one that had a strong understanding of Oklahoma’s legal system.

In 1979, they came upon a solution. A group of Oklahoma Bar members banded together and visited their peers throughout the state’s 77 counties selling stock to other members. This stock would fund an insurance company that would eventually become the preeminent writer of lawyers’ professional liability insurance in the state. 

Initially started as a stock insurance company at the request of then-Insurance Commissioner Gerald Grimes, the company soon incorporated under the name Oklahoma Bar Professional Liability Insurance Company and sold its first policy in November of 1980. Shortly afterward, M.R. “Dick” Brackin, the endorsed agent of the Oklahoma Bar Association, moved his book of business to the Oklahoma Bar Professional Liability Insurance Company. 

In our early years, purchasing stock was a prerequisite to be insured. This policy was soon abandoned and, as a result, our number of insureds grew rapidly. However, even as the number of insured lawyers increased, the company’s policyholder surplus capital lagged behind. Early claims from oil and gas, as well as a declining real estate market, created considerable stress on the organization’s operating performance. Reinsurance was particularly difficult to obtain and terms were very restrictive.

In the mid-1980s, the company began requiring each lawyer to purchase a surplus debenture (know as a surplus note) in the amount of $400 to help increase desperately needed capital and surplus. By the late 1980s, policyholder surplus began to grow.

In 1992, the company began to redeem the surplus notes, paying back the $400 that each lawyer had contributed. Just two years later, all outstanding stock had been redeemed and the company converted to the mutual insurance company that it remains today—Oklahoma Attorneys Mutual Insurance Company. The Board of Directors declared the first policyholder dividend in late 1994 which has continued unabated for nearly two decades and has returned over $25 million to policyholders since that time.

Today, Oklahoma Attorneys Mutual Insurance Company is still the only professional liability insurer owned and managed by Oklahoma attorneys for the benefit of Oklahoma attorneys. We take pride in our deep roots in the state’s legal community and our strong relationship with the Oklahoma Bar Association. OAMIC continually looks for ways to improve our services, product offerings, and our support for Oklahoma attorneys statewide.