Stability is one of the defining characteristics of LAMMICO, and it is a theme that stands out as I reflect on the past year. In a healthcare environment that continues to face significant change and uncertainty, our commitment to being a dependable partner for physicians, healthcare providers and facilities is still unwavering. Stability is reflected not only in our financial strength, but also in the relationships we build, the markets we serve, and the people who serve our insureds every day.
As a regional medical professional liability insurance carrier serving healthcare providers and facilities in 11 states, LAMMICO has experienced steady, sustainable growth over time. Our gross written premium has increased from $53.6 million in 2018 to $66.6 million in 2025. During that same period, our insured count has grown from 7,619 to 8,559 healthcare professionals and facilities who have entrusted us with protecting their practices and livelihoods.
This growth has not been driven by rapid expansion or shifting priorities. Rather, it reflects a disciplined approach focused on long-term strength and delivering value to our insureds. We are proud to have a stable presence in the states and markets we serve while continuing to build lasting relationships with physicians and healthcare providers who depend on us for insurance coverage and risk management education.
A key component of that stability is our commitment to maintaining competitive and consistent premium rates. We understand that affordability and predictability are critical for healthcare providers managing increasingly complex operating environments. Our prudent underwriting philosophy and careful fiscal management have helped us provide stability in an area that matters greatly to our insureds. At a time when inflation has increased costs across nearly every sector, LAMMICO has kept a disciplined approach to premium rates. From 2020 through 2025, the impact of our rate changes on premium costs was just over 5%, compared to nearly 24% inflation over the same period.
Our financial strength continues to be recognized by independent industry experts. LAMMICO's “A” (Excellent) rating from AM Best affirms our strong balance sheet, operating performance, and stable outlook. This recognition reflects the sound financial foundation that enables us to meet our obligations today while preparing for future opportunities and challenges.
Just as important as financial stability is the stability of our workforce. Many of our employees have dedicated years, and often decades, to serving our insureds. Their knowledge, expertise and commitment allow us to provide the exceptional level of service our insureds expect. The relationships our policyholders build with our underwriting, claim, risk management, and other professionals create trust and continuity that are invaluable during routine interactions and challenging circumstances such as handling malpractice claims.
While stability is a hallmark of our organization, it does not mean standing still. We continue to invest in technology, education, risk management resources, and operational improvements that support our insureds and strengthen our ability to serve them effectively. As the healthcare and medical professional liability landscapes evolve, we focus on balancing innovation with the sound judgment and disciplined governance that have contributed to our success.
LAMMICO is well positioned for the future because of the strength of our financial foundation, the loyalty of our insureds, the dedication of our employees, and the consistency of our operations. Through changing market conditions and an evolving healthcare environment, we stay guided by our purpose: we protect those who care for others.
Thank you for your continued trust and partnership. We are honored to serve you and look forward to supporting your success for years to come.
Sincerely,
J. Michael Conerly, M.D., FACS, MBA
President/Chief Executive Officer