2018 Annual Report
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
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!
Board of Directors
Susan Shields practices in the areas of tax and family wealth. Susan is a frequent speaker on a variety of estate planning, probate and nonprofit topics at professional and continuing legal education seminars, and has served as an adjunct professor of law in estate planning and wealth transfer tax at the University of Oklahoma College of Law. In addition to being an elected fellow of the prestigious American College of Trust and Estate Counsel (ACTEC) and serving as the Oklahoma state chair of ACTEC, Susan’s achievements have also earned her recognition as a top-ranked private wealth lawyer in Chambers HNW, the guide to the world’s leading high net worth advisers. Susan has also been recognized in The Best Lawyers in America and Oklahoma Super Lawyers, where she has been named to its exclusive “Top 10 Lawyers,” “Top 25 Women Lawyers” and “Top 50 Oklahoma Lawyers” lists. She was selected by Best Lawyers as the “Oklahoma City Closely Held Companies and Family Businesses Lawyer of the Year” for 2015, “Oklahoma City Trusts and Estates Litigation Lawyer of the Year” for 2016, “Oklahoma City Business Organizations Lawyer of the Year” for 2017 and 2019, and “Oklahoma City Tax Litigation and Controversy Lawyer of the Year” for 2018, honors only given to a single lawyer in each legal specialty in each market.
Active in the legal community, Susan is president-elect of the Oklahoma Bar Association in 2019, having previously served as vice president in 2014 and also serving a three-year term as a member of the OBA’s Board of Governors from 2010 – 2012. In 2015, she completed an eight-year term on the Oklahoma Bar Foundation’s Board of Trustees, which included a one-year term as its president in 2013.