With assets in excess of $553 million and surplus that exceeds $250 million, MMIC Insurance, Inc. (MMIC Insurance) continues to build and maintain financial strength and stability for the long-term protection of our policyholders. This strong surplus position also enables MMIC Insurance to seek and capitalize on growth opportunities.
With total assets exceeding $553 million, MMIC Insurance continues to build financial strength and stability for the protection of our policyholders over the long term.
With invested assets that have grown by 10.6% since December 31, 2007 to over $516 million, MMIC Insurance provides a stable foundation for its policyholders. With 46% of our invested assets in tax-exempt bonds, MMIC Insurance has continued to receive tax equivalent yields greater than taxable bonds with the stability of a municipal portfolio. Continued positive cash flow from operations has allowed MMIC Insurance to opportunistically invest in the financial markets while maintaining a well structured and diversified investment portfolio.
A fundamental component of an insurer’s financial strength is surplus. The surplus for MMIC Insurance has grown by over $73 million or in excess of 41% since December 31, 2007.
The $16.5 million of net income earned during the first 9 months of 2012, has continued to help build policyholders’ surplus, an important component in overall financial health.
Because of this continued financial success, MMIC Insurance declared a dividend of $8 million returnable to its policyholders in 2013. This will bring the total amount of dividends returned to shareholders since 1994 to $109 million.
Direct Premium Written
Despite a highly competitive and softening market which is pressuring rates, MMIC Insurance remains as one of the leading providers of medical professional liability insurance in the Upper Midwest.
The statutory combined ratio is a comparison of losses and expenses to premiums. The combined ratio for MMIC Insurance was 87.1% for the first nine months of 2012.
MMIC 7701 France Avenue South, Suite 500 Minneapolis, MN 55435Tel: (952) 838-6700Fax: (952) 838-6808