News



OMIC named Outstanding Captive of the Year for 2020

OMIC has been chosen Outstanding Captive of the Year for 2020 by the Captive Insurance Companies Association (CICA). A “captive insurer” is generally defined as an insurance company that is wholly owned and controlled by its insureds; its primary purpose is to insure the risks of its owners, and its insureds benefit from the captive insurer’s underwriting profits.

To date, OMIC has returned more than $90 million in policyholder dividends and helped stabilize the market for ophthalmology professional liability insurance.

This prestigious award was created to recognize companies that are creative and successful in the way they manage net results, provide exceptional service to its owners, prevail over difficult times or situations, and gain acceptance, recognition, and a positive reputation among agencies, regulators, and colleagues in its industry. CICA also noted the tremendous impact OMIC has had on risk management and patient safety around the world.

Tim Padovese, OMIC President and CEO

To be recognized in such a way among the 3,200 captives operating in the U.S. is truly an honor for our board, employees, and members.

Tim Padovese, president and CEO of Ophthalmic Mutual Insurance Company (OMIC), notes that his company has avoided trying to become “all things to all people,” instead remaining “laser focused” on covering the professional liability of ophthalmologists and their practices.

That focus has allowed OMIC to deliver to its members a combination of expertise and excellent customer service that, among other things, has produced a 97 percent customer retention rate—and the Captive Insurance Companies Association (CICA) 2020 Outstanding Captive Award.

To see the full CICA article and interview here

Please refer to OMIC's Copyright and Disclaimer regarding the contents on this website

Leave a comment



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

Supporting your specialty.

OMIC was founded by members of the American Academy of Ophthalmology nearly a quarter century ago and is the only carrier sponsored and endorsed by AAO. OMIC is also endorsed by 54 other ophthalmic societies. The OMIC partnerships with state and subspecialty societies qualifies their members for an exclusive 10% premium credit. Contact your state society for details.

61864684