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

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

Largest insurer in the U.S.

OMIC is the largest insurer of ophthalmologists in the United States and we've been the only physician-owned carrier to continuously offer coverage in all states since 1987. Our fully portable policy can be taken with you wherever you practice. Should you move to a new state or territory, you're covered without the cost or headache of applying for new coverage.