Annual Report
Company Overview
Oklahoma Attorneys Mutual Insurance Company was founded in 1980 after years of research and foundation work by dedicated members of the Oklahoma Bar Association.
In the late 1970s, the number of attorneys in the state of Oklahoma was increasing but access to lawyers professional liability (or legal malpractice) insurance was shrinking. This caused gaps in coverage, volatile rates and a lack of quality customer service. To address this, a group of Oklahoma lawyers banded together to form the then-called Oklahoma Bar Professional Liability Insurance Company. The first policy was sold in November of 1980.
Today, OAMIC is still policyholder-owned and insures thousands of Oklahoma attorneys at more than 2,300 firms across the state. We are only Oklahoma-based legal malpractice insurance company, and Oklahoma lawyers’ best advocate when it comes to protecting their careers and assets.
2023 Financial Overview
95%
Retention Rate
OAMIC has maintained a policyholder retention rate of about 95% every year
Balance Sheet
Admitted Assets: $61,865,703
Liabilities: $18,194,866
Surplus: $43,670,836
$35M
Paid to Policyholders
$1M returned to policyholders in 2023;
a total of $35M every year since 1994
Income Statement
Underwriting Income: $1,808,063
Net Investment Income Earned: $1,029,459
Net Income: $2,191,538
$43.7M
Policyholder Surplus
Our stability ensures our policyholders are covered now and into the future
Demotech A”
Financial Rating
Demotech’s A Double Prime rating is the best and highest available
Policyholder Surplus History
Company Officers
The daily operations of OAMIC are led by officers in all vital departments. To read the biographies of each Officer, visit the Our Team page.
Phil Fraim
President & CEO
Aaron Harper
Vice President,
CFO & Treasurer
Alison Cave
Senior Vice President,
Claims
Carolyn Smith
Vice President,
Claims
Isaac Fraim
Vice President,
Director of Operations
Board of Directors
The management of OAMIC is vested by our Board of Directors. The board consists of 16 directors, 15 of whom are elected by the Policyholders. The sixteenth director is the current President-Elect of the Oklahoma Bar Association. To read the biographies of each Director, visit the Board of Directors page.