OAMIC: 2019 ANNUAL REPORT

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About OAMIC

Oklahoma Attorneys Mutual Insurance Company is proudly celebrating its 40th anniversary in the year 2020. OAMIC was founded in 1980, after a need for the company became clear to members of the Oklahoma Bar Association.

In the late 1970s, the number of attorneys in the state of Oklahoma was increasing, but access to legal malpractice insurance was shrinking. This caused gaps in coverage, fluctuating rates and a lack of quality customer service. To solve this problem, a group of Oklahoma Bar members banded together to form the then-called Oklahoma Bar Professional Liability Insurance Company. The first policy was sold in November of 1980.

Today, OAMIC insures more than 5,000 Oklahoma attorneys at more than 2,300 firms across the state. We also offer a variety of ancillary products that are specific to the needs of Oklahoma attorneys, including court bonds, cyber liability, office package policy and more. READ MORE >>>

Letter from the President

Policyholders,

Financial results for 2019 continued to show some improvement with respect to net income. As you may remember, we had two consecutive years of net losses in 2016 and 2017. The tide began to turn with a small net income in 2018, and continued to improve in 2019.

As a result of this improved net income, the OAMIC Board of Directors declared a dividend for the 26th consecutive year. The Board’s declaration equates to 45% of the year’s net income before taxes (excluding extraordinary gains from the portfolio), or $444,000. To date, OAMIC has paid its policyholders a total of more than $32 million in dividends.

Open claims at 2019 year-end were a very manageable number, 120. This is extremely low from a historical perspective and compared to the number of insured lawyers. As in the past few years, a handful of these show some potential severity.

We very much appreciate the loyalty of our policyholders. Thank you for your trust and confidence in allowing us to handle your insurance needs. Cheers to 2020!

Sincerely,

By the Numbers

RETENTION RATE

Over the last 10 years, OAMIC has maintained a 95% retention rate.

FIRMS INSURED

We insure more than 2,300 firms in the state of Oklahoma.

FINANCIAL STABILITY RATING

Demotech's A Double Prime rating is the highest available.

PAID TO POLICYHOLDERS

We just distributed our 26th consecutive dividend to policyholders.

YEARS OLD

We are honored to celebrate our 40th anniversary in 2020.

ATTORNEYS INSURED

More than 5,000 attorneys across the state rely on us for legal malpractice.

Financial Overview

Balance Sheet

  • Assets: $57.28 Mil
  • Liabilities: $19.67 Mil
  • Surplus: $37.6 Mil

Income Statement

  • Investment: $1.66 Mil
  • Underwriting: -$731,334
  • Income: $660,150

Investments

  • Corporates: 8.4%
  • Govt's/Agy: 7.8%
  • Taxable Municipals: 18.0%
  • Tax-Exempt Municipals: 6.4%
  • Mtgs/ABS: 34.8%
  • Equities: 19.7%
  • Cash: 4.9%

Policyholder Surplus

  • 2012 - 33.69 Mil
  • 2013 - 36.14 Mil
  • 2014 - 36.65 Mil
  • 2015 - 36.42 Mil
  • 2016 - 36.73 Mil
  • 2017 - 35.74 Mil
  • 2018 - 35.21 Mil
  • 2019 - 37.60 Mil

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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Carolyn Smith

Vice President, Claims

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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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Robert Margo

Oklahoma City

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Michael Mayhall

Lawton

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Chad McLain

Tulsa

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Mike Mordy

Ardmore

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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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Mart Tisdal

Clinton

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John Wynne

Enid

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