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CAMICO Earns A- (Excellent) Rating From AM Best

BY Business Wire | CORPORATE | 07/16/24 03:39 PM EDT

SAN MATEO, Calif.--(BUSINESS WIRE)-- CAMICO, the nation?s largest CPA-owned and directed program of insurance and risk management for the accounting profession, announced today that AM Best has upgraded its Financial Strength Rating to A- (Excellent) from B++ (Good) and the Long-Term Issuer Credit Rating of a- (Excellent) from bbb+ (Good).

In excerpts from its 2024 report, AM Best said the ratings upgrade reflects ?an improvement in CAMICO?s balance sheet strength assessment to the higher end of the 'very strong' category, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).? CAMICO maintains the strongest level of risk-adjusted capitalization, as measured by Best?s Capital Adequacy Ratio. Additionally, CAMICO has an appropriate ERM program in place, with well-identified key risks and corresponding mitigation strategies.

?We are excited that AM Best has upgraded CAMICO to an A- (Excellent) rating,? said CAMICO President and CEO Ric Rosario. ?AM Best recognizes our commitment to excellence which comes from our knowledge, expertise and lead position within the accounting profession as we continue to deliver on our promise of providing the best-in-class insurance program for CPAs. This upgrade will continue to strengthen the trust that our policyholders have in CAMICO and allow us to further enhance our value proposition and better position us for continued growth.?

?CAMICO?s passion for helping our policyholders with top-quality insurance, claims and risk management solutions designed to meet their evolving needs is integral to what we do,? Rosario said.

To view AM Best?s full press release please visit: AM Best Upgrades Credit Ratings of CAMICO Mutual Insurance Company.

About CAMICO

CAMICO delivers insurance, risk management and related services to more than 8,000 CPA firms and 50,000 staff members in all 50 states and the District of Columbia. Founded in 1986, CAMICO is endorsed by state CPA societies and associations in Alaska, Arizona, California, Colorado, Greater Washington D.C., Idaho, Indiana, Kansas, Mississippi, Missouri, Nevada, New Jersey, New York, Oregon, Tennessee, Utah, Virginia, and Washington. CAMICO provides Professional Liability Insurance, Employment Practices Liability Insurance, and other insurance products needed by CPA firms.

Source: CAMICO

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