2018 Annual Report

Oklahoma Attorneys Mutual Insurance Company

About OAMIC

OAMIC is Oklahoma born and bred. Originally formed in 1980 by members of the Oklahoma Bar Association, our primary focus is preserving our policyholders’ professional reputations and financial well-being. From large firms to single practitioners, as well as those employed in the legal department of a company, OAMIC provides the same first-class customer service to every policyholder, along with competitive rates and a specialized expertise of the Oklahoma legal environment.

As a mutual company, we are owned by Oklahoma attorneys. Our board consists entirely of Oklahoma attorneys. And we employ Oklahoma attorneys, too. Our unique history is only one part of what makes us the best legal malpractice provider in the state.

Letter from the President

Phil-Fraim

Policyholders,

Overall, 2018 was a good year for OAMIC. We saw an improvement over the two years prior and are hopeful this trend will continue moving forward. We will always have a handful of problematic claim issues, but that is the nature of this line of coverage. After two consecutive years of net losses, 2018 produced a net income of $254,000 after dividend but before tax.

Only 130 claim files were open on the last day of 2018, which is a very low number given we have approximately 5,000 insured lawyers. However, severity from our top ten largest claims from past years has impacted loss ratios and financial results.

That said, we believe the nature of our larger claims has been derived from fairly unique circumstances with little commonality and we see no systemic causes. We are expectant that results will track closer to our historic norms as we work through our existing claims.

As many of you know, I am a strong believer that the mutual insurance model allows the insurer and policyholder interests to be more closely aligned than otherwise allowed. Our efforts to control costs, maximize value and maintain financial strength benefit our policyholders directly — not some detached shareholder group.

The focus on our policyholder is also reflected in the composition of our Board. We appreciate our insureds, their loyalty, and for trusting OAMIC to handle their insurance needs. Cheers to 2019!

Sincerely,

Financial Overview

Company Officers

Phil Fraim

President & CEO

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Isaac-Fraim

Isaac Fraim

Vice President, Director of Operations

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Alison-Cave

Alison Cave

Senior Vice President, Claims

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Cheryl-Bond

Cheryl Bond

Vice President, Finance

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Megan-Radford

Megan Radford

Vice President, Marketing and Communications

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Board of Directors

Angela Ables

Oklahoma City

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David Burrage

Durant

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Philip Eller

Tulsa

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Simone Fulmer

Oklahoma City

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Cody Hodgden

Woodward

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James Jennings

Oklahoma City

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Ronald Main

Tulsa

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Robert Margo

Oklahoma City

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Michael Mayhall

Lawton

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Richard Nix

Oklahoma City

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Philip Richards

Tulsa

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Sara Royster

Tulsa

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Scott Savage

Tulsa

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Susan Shields

Oklahoma City

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Mart Tisdal

Clinton

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John Wynne

Enid

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