To the Members of AMIC:
A Message from the Chairman
AMIC was created more than 30 years ago to fill an immediate need of its member cities and towns. That need was to simply provide insurance that could be counted on year end and year out, at a fair and stable price. I speak for all the AMIC Board Members when I say we believe AMIC continues to live up to that promise.
Looking forward, while continuing to fulfil its primary objective, the AMIC Board has its eye on the horizon and is looking to creating additional programs, like the Municipal Law Chair, that will help its member cities and towns, not just survive, but thrive through the next millennium.
Overall, AMIC’s membership, continues to hold steady with 581 insureds, including 393 municipalities, 78 utility boards, 41 solid waste/water authorities, 49 associations and 20 transit authorities. AMIC’s current market share exceeds 95 percent.
I am pleased to report, that in 2020, AMIC will pay a 5 percent dividend for capitalized members. This equates to approximately $15,300,000 in dividend credits AMIC has returned to its participating capitalized members since 1998. Dividends will be paid to all participating members renewing with AMIC. This is made possible because of the tremendous support from our members.
AMIC’s Loss Control Department will continue to combine its Loss Control resources with the MWCF. This team approach has allowed both programs to provide 10 dedicated staff members to focus on all aspects of our members’ operations, which translates into more services and programs at a much-reduced cost.
The SkidCar system, which was implemented in 2001, has been very successful with over 20,200 police officers, fire fighters and employees trained to date. The Fire Arms Training System (FATS), which provides state of the art “decision making” training to our police officers, has trained more than 8,800 police officers from departments throughout the state.
We have just completed 19 years with all services in-house. This improvement has allowed AMIC to increase its quality of services, while reducing expenses by more than $38,000,000 over the last 19 years. To put it simply, that is $38,000,000 you get to use to improve your city or town. AMIC continues to monitor its costs and is working hard to keep its expenses and your insurance costs down.
On December 31, 2019, on a statutory basis, assets were $132,035,511 and net worth was $64,891,583. Net premiums are $35,078,122, a slight increase from 2018. Total gross premiums written now exceed $44,600,000.
In closing, let me say it is a distinct pleasure to bring this excellent report to you. Membership continues to hold steady; member surplus is strong; and AMIC looks forward to Insuring the Future of Your Local Government.