OMIC Declares 20% Dividend and Rate Decreases in all States in 2016

OMIC President & CEO Timothy Padovese

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 2016. As President and Chief Executive of OMIC, I am pleased to announce a 20% dividend for policyholders renewing during 2016. That’s twenty Benjamins for the average insured.

Since 2005, OMIC has declared dividends totaling more than $55.5 Million; an impressive return considering our annual direct written premium has averaged approximately $43 Million during this period.

In addition to the dividend, premiums will be decreased in all states for 2016. More Benjamins will be staying in your pocket. Policyholders will receive a personal letter with the amount of decrease in your coverage area. I encourage ophthalmologists who have not yet joined OMIC to get a quick quote for coverage today.

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 our incredible results.

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.

We know that 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 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.

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 a 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 has consistently maintained lower base rates than multispecialty carriers in the U.S.