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OMIC declares 2017 dividend and announces no rate change throughout 2018

OMIC President & CEO
Timothy Padovese

That’s Benjamin Franklin on the $100 bill and you’re going to be seeing a lot more of him in 2018. As President and Chief Executive of OMIC, I am pleased to announce a 20% dividend for policyholders renewing during 2018. That’s twenty Benjamins for the average insured.

Since 2005, OMIC has declared dividends totaling more than $70.9 Million; an impressive return considering our annual direct written premium has averaged approximately $40 Million during this period.

In addition to the dividend, premiums will remain unchanged in all states throughout 2018. That means more Benjamins will be staying in your pocket.

OMIC has steadily decreased average rates since 2008, when claims trends began showing marked improvement. We believe our commitment to ophthalmology and expertise in claim management is the reason for the incredible claim results. We do know that regardless of operating success, there will at some point be a natural cycle in our industry that brings worsening results. We believe our consistent return of premium is in line with a long-standing commitment to fiscal conservatism. We’ve added millions to policyholder surplus in recent years in order to protect OMIC from future unexpected claims activity.

Our success is a direct result of our policyholders’ continuing support of our program. We’re also proud of the fact that, unlike many of our multispecialty competitors, OMIC’s philosophy has always been to return any premium above what is needed to prudently operate your company at the earliest opportunity.

We hope you will spread the good news to colleagues who may have not yet joined OMIC that great rewards are achieved when ophthalmologists join together in support of our profession.

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Six reasons OMIC is the best choice for ophthalmologists in America.

#3. Best at defending claims.

An ophthalmologist pays nearly half a million dollars in premiums over the course of a career. Premium paid is directly related to your carrier’s claims experience. OMIC has a higher win rate taking tough cases to trial, full consent to settle (no hammer) clause, and access to the best experts. OMIC pays 25% less per claim than other carriers. As a result, OMIC’s base rates have consistently averaged approximately 15% lower than multispecialty carriers in the U.S.