Policyholder Services

The Members Report

image_Members-Report-for-BoardExcerpt from 2015-2016 Members Report…

“We have some really great news. OMIC is experiencing another year of positive operating performance, one of our best years ever. From year-end 2013 through June 30, 2014, admitted assets grew by more than $6 million to a total $266 million and policyholder surplus grew by more than $10 million to a total $174 million. OMIC is forecast to record a net increase in policyholders in 2014—a goal we have achieved every year we’ve been in business. In recognition of these achievements and OMIC’s continued favorable claims trends, your Board of Directors has extended current rates through your 2015 policy period and will initiate significant rate decreases in 2016. The Board also declared a 20% dividend for all physician-insureds active on December 31, 2015, to be applied to 2016 renewal premiums.”

OMIC’s 2015-2016 Members Report was mailed to insureds in early November. If you did not receive your copy or would additional copies, contact us at omic@omic.com.

In this report:

MESSAGE FROM THE CHAIR Tamara Fountain, MD discusses OMIC’s strategic plan.

REINSURANCE Learn about OMIC’s reinsurance program.

UNDERWRITING PHILOSOPHY Ray Fontenot, VP Underwriting and Betsy Kelley, VP Product Management describe OMIC’s position on managing risk.

MESSAGE FROM THE CEO Tim Padovese examines the value of debate and the art of good leadership.

FINANCIAL HIGHLIGHTS National awards and recognition for OMIC’s superior financial stewardship are featured.

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

Leader in the industry.

A-rated by AM Best, OMIC is consistently ranked among the top malpractice insurance companies in America for financial stability. No other carrier has matched OMIC's consistent financial performance with regard to both combined, operating, and surplus ratios, the most relevant financial measurements for an insurance carrier.