NAMIC Announces New Members, Market Share Increase

The National Association of Mutual Insurance Companies (NAMIC) announced its combined member company direct written premium (DWP) increased to $170 billion (41 percent of the property/casualty insurance market) during 2003. NAMIC said a total of 19 new companies joined the organization in 2003. NAMIC membership totals more than 1,350 companies.

New insurers joining NAMIC during 2003 included:
FM Global and Mutual Boiler Re, Workers Compensation Fund, Co-operators General Insurance, Austin Mutual, Federated Insurance, Standard Mutual, FCCI Insurance Group, Meramec Valley Mutual, Donegal Mutual, Patrons Mutual of Lafayette County, Capital Insurance Group, Farmers Mutual of Seward City, Wawanesa Mutual, and Missouri Physicians Mutual.

“Companies are joining NAMIC because of our grass roots advocacy strength, enhanced state legislative and regulatory affairs, excellent educational and networking opportunities, and focus on entrepreneurial products that improve our members’ bottom lines,” said Charles M. Chamness, association president. “These same factors also contribute to our consistent 99 percent member retention rate,” Chamness continued, “and ensure that NAMIC will continue to be a leader in the property/casualty insurance industry.”

Topics Trends New Markets