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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.

#1. Consistent return of premium.

Publicly-traded insurance companies exist to make profits for shareholders while physician-owned carriers often return profits to their policyholders. Don’t underestimate this benefit; it can add up to tens of thousands of dollars over the course of your career. OMIC has one of the most generous dividend programs for ophthalmologists and has returned more than $20 Million to our members through dividends.