News

OMIC Honored with Special Recognition Award

At the annual meeting of the American Academy of Ophthalmology in Orlando, OMIC was honored with the Special Recognition Award. This award is presented to an organization for “outstanding service in a specific effort or cause that has improved the quality of eye care.” OMIC is truly honored to receive this award because it recognizes that by improving patient safety and education, our unique program has reduced the risk of litigation against our policyholders and all ophthalmologists. OMIC’s vast library of patient education materials has become a major webbased resource for ophthalmologists worldwide.

Accolades bestowed upon our company in 2011 are a reflection of the hard work and dedication of our Board and staff and the loyalty of our insureds. In addition to the award from the Academy, OMIC ranked #1 among PIAA (Physician Insurers Association of America) companies in two long-term financial benchmarks, combined and operating ratios. As a result, AM Best upgraded our creditor rating to A+ (Outstanding). OMIC was also featured on the cover of Risk and Insurance Magazine as one of America’s most successful insurance captives and ranked #10 out of 255 medical malpractice insurers on SNL Financial’s list of the top 20 best performing mid-sized commercial insurance companies.

OMIC Declares 2011 Dividend

After another year of favorable claim experience and operating results, OMIC’s Board approved a 20% dividend for all active physician insureds as of December 31, 2011, to be applied as a credit to 2012 renewal premiums. OMIC has declared dividends 17 of the past 21 years, averaging nearly 10% per year since 2006. This represents thousands of dollars per insured in returned premium and is significantly higher than other carriers’ dividends during this time period. Since business commenced on September 30, 1987, OMIC has declared policyholder dividend credits totaling approximately $31 million.