Annual Report

Company Overview

Oklahoma Attorneys Mutual Insurance Company was founded in 1980 after years of research and foundation work by dedicated members of the Oklahoma Bar Association.

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

Today, OAMIC is still policyholder-owned and insures thousands of Oklahoma attorneys at more than 2,300 firms across the state. We are only Oklahoma-based legal malpractice insurance company, and Oklahoma lawyers’ best advocate when it comes to protecting their careers and assets.

2023 Financial Overview

95%

Retention Rate

OAMIC has maintained a policyholder retention rate of about 95% every year

$35M

Paid to Policyholders

$1M returned to policyholders in 2023;a total of $35M every year since 1994

$43.7M

Policyholder Surplus

Our stability ensures our policyholders are covered now and into the future

Balance Sheet

Admitted Assets: $61,865,703
Liabilities: $18,194,866
Surplus: $43,670,836

Income Statement

Underwriting Income: $1,808,063
Net Investment Income Earned: $1,029,459
Net Income: $2,191,538

Demotech A" Financial Rating

Demotech’s A Double Prime rating is the best and highest available

Policyholder Surplus History

Company Officers

The daily operations of OAMIC are led by officers in all vital departments. To learn. more about our team, visit the Our Team page.

Phil Fraim

President

Meet Phil

Aaron Harper

Vice President, CFO & Treasurer

Meet Aaron

Alison Cave

Senior Vice President, Claims

Meet Alison

Carolyn Smith

Vice President, Claims

Meet Carolyn

Isaac Fraim

Vice President, Director of Operations

Meet Isaac

Board of Directors

The management of OAMIC is vested by our Board of Directors. The board consists of 16 directors, 15 of whom are elected by the Policyholders. The sixteenth director is the current President-Elect of the Oklahoma Bar Association. To read the biographies of each Director, visit the Board of Directors page.

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Apply for professional liability coverage today through our convenient online portal. In most cases, you will receive a quote within 24 hours.

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