Camico, one of the biggest providers of liability insurance for accountants, has reached an agreement with another major insurer, CPA Mutual, to transfer CPA Mutual’s Accountants Professional Liability Insurance program to Camico, effective Jan. 1, 2021, as accountants’ policies renew.
Both insurance companies were founded by CPAs to give CPAs coverages and services tailored to CPAs. The two companies formed in 1986 in response to a professional liability insurance crisis that made it hard for CPA firms to access affordable coverage, and both companies have similar missions concentrating on the insurance and risk management needs of CPA firms.
“As companies founded by CPAs for CPAs, CPA Mutual and Camico have always been committed to doing what is right for CPAs,” CPA Mutual president Bill Thompson said in a statement Tuesday. “We see this move as the best way to serve our members and to provide them with Camico’s additional knowledge, expertise, support and breadth of services.”
Camico delivers insurance, risk management and related services to more than 8,000 CPA firms and 50,000 staff members in 48 states and the District of Columbia. CPA Mutual processes 85 to 100 claims a year for more than 900 member firms.
“Camico is proud to have been selected to continue CPA Mutual’s tradition of excellent service and expertise for its members,” said Camico president and CEO Ric Rosario in a statement. “We look forward to partnering with these firms as they become Camico members and tap into Camico’s program to help ensure their security and success.”
As part of the deal, CPA Mutual’s member service and sales team will join Camico and will continue servicing CPA Mutual accounts as they transition to Camico. CPA Mutual will also still service any open claims filed with CPA Mutual, using the same claims team, and help with the transition.
CPA Mutual chairman Steve Tatone will be joining the Camico governance team to share his knowledge of CPA Mutual policyholders. “We are extremely pleased to announce this move,” Tatone said in a statement. “CPA Mutual has provided CPAs with excellent services and coverage for 34 years, and transitioning our members to Camico will continue the same high-quality services and coverage our members have come to expect.”
