How CAMICO Started

In the early 1980s, CPAs were faced with a mounting liability insurance crisis. The major insurance carriers, victims of their own rate-cutting war, found themselves with insufficient funds to cover their claims. Most companies discontinued their professional liability insurance coverage for CPAs. Those who continued to offer CPAs liability insurance imposed huge premium increases to cover cash shortfalls. As a result, liability coverage became unaffordable for many CPAs

In response to the crisis, the California Society of Certified Public Accountants convened a task force to study the situation. The task force recommended the creation of a mutual insurance company owned by and for CPAs, dedicated to assuring its members professional liability coverage at stable rates. The company would operate solely for the benefit of its members. Accordingly, any excess revenue, after claims payments and administration, would belong to its policyholders.

On June 24, 1986, CAMICO opened its doors for business with a staff of two full-time employees reporting to John A. Dodsworth, CPA, the president. Within a month, 1,250 policyholders were signed. As a mutual insurance company, directed by CPAs for CPAs, our commitment is solely to the CPA profession. The company has many staff members, especially the professionals handling hotline calls, who are CPAs themselves. CAMICO is celebrating its 35th Anniversary in 2021.



CAMICO’s many years of operation are marked by steady growth and progress. Establishing financial stability has been a top priority for CAMICO since its inception. Policyholder surplus for 2020 was more than $45 million. Its in-house staff provides member firms with underwriting, risk management, claims management, and loss prevention services.

CAMICO Mutual Insurance Company

CAMICO Mutual Insurance Company was created by CPAs for CPAs. It is owned by its policyholders. In a mutual, any monies remaining after payment of claims and operating costs belong to the policyholders. Since its inception, CAMICO has built a stable and financially sound company to fulfill the insurance needs of CPAs. CAMICO's net worth is made up of funds that are held in reserve (called "surplus") to meet regulatory requirements, to sustain a sound financial rating from agencies such as A.M. Best, and, most importantly, to cover claims made against policyholders.

CAMICO Insurance Services (CIS)

CAMICO Services, Inc., d.b.a. CAMICO Insurance Services (CIS), is licensed as an insurance producer in all states in which CAMICO operates. CIS acts as CAMICO Mutual Insurance Company's insurance agency and wholly owned subsidiary, recommending a range of CPA business insurance products.

In addition, CIS administers the CAMICO program for firms requiring limits of more than $2 million, with coverage provided by Berkley Alliance Managers (BAM), a W. R. Berkley Company, rated A+ (Superior) by A.M. Best.