Notice of CMIC Group Annual Meetings of Members

This is the Notice of the Annual Meetings of Members of CMIC Group, hereafter referred to as “the Group.” The Group includes two companies: CMIC and CMIC RRG. CMIC RRG is a sponsored company of CMIC.
  • The CMIC annual meeting will be at the Mystic Marriott in Groton, CT on May 13, 2017 at 1:00 PM.
  • The CMIC RRG annual meeting will be at the Mystic Marriott in Groton, CT on May 12, 2017 at 3:00 PM.
Voting members of the Group who are active policyholders vote on the election of the Directors at their respective Annual Meetings.

CMIC Proxy Statement Summary

CMIC BUSINESS PERFORMANCE

2016 proved to be another successful year for CMIC with policyholder growth and strong financial results:

  • The number of policyholders increased by 1.4% in 2016 with 88% membership retention for the year.
  • Policy rates approved for 2016 remained unchanged for the 13th consecutive year in CT, and for the 6th year in MA.
  • A $2.5 million Policyholders’ Dividend was declared for 2016 resulting in a 7.5% premium credit to renewing members.
  • A Loyalty Rewards allocation amounting to 7.5% of an insured’s 2016 paid premium was approved for eligible members. Over the past three years, eligible members have had 30% of their premium set aside in a Loyalty Rewards Account.
  • CMIC’s Policyholder Surplus increased to $297 million, an increase of $10 million from 2015.


CMIC BUSINESS PERFORMANCE

Key financial data for the last two years.

 Two Year Summary - Thousands 2016 2015
 Net Premiums Written $34,133 $31,815
 Net Premiums Earned $37,763 $36,866
 Net Underwriting Income (Loss) ($8,859) $2,150
 Net Investment Income $14,580 $14,037
 Dividend & Rewards Program $3,031 $6,133
 Net Income $3,093 $8,944
 Invested Assets $482,783 $467,077
 Total Admitted Assets $492,774 $476,699
 Unpaid Losses & Loss Expenses $137,453 $129,732
 Total Liabilities $196,086 $189,942
 Policyholders’ Surplus $296,689 $286,757

Detailed information and operational performance can be found on the CMIC Group website: www.cmic.biz


CMIC Director Nominees

You are being asked to vote on the election of the following four CMIC Directors whose term of office will then expire in 2020. Approximately a third of the Directors are up for election each year.

Mark D’Agostino, MD
Dr. D’Agostino graduated from the University of Health Sciences/The Chicago Medical School in 1989. He is board certified in otolaryngology/head and neck surgery and sleep medicine, and practices in Middletown and New Haven, Connecticut. He has served as a Director since 2009.

Paul Darcy, MD
Dr. Darcy graduated from Johns Hopkins University and received his Medical Degree from the University of Massachusetts Medical School. He completed his residency and fellowship training at Beth Israel Hospital/Harvard Medical School. As a board certified Anesthesiologist, he is Chairman of the Department of Anesthesia and Medical Director of Perioperative Services at Milford Regional Medical Center, Milford, MA and President of Milford Anesthesia Associates (Massachusetts). He serves on the Board of Trustees and the Medical Executive Committee at Milford Regional Medical Center.

James Pellegrini, MD
Dr. Pellegrini is a Board Certified Neonatologist practicing at UMass Memorial Medical Center in Worcester, MA. He is a graduate of the University of Massachusetts Medical School and completed his residency at the UMass Memorial Medical Center and a Neonatology fellowship at Brigham and Women’s Hospital, Children’s Hospital Boston and Beth Israel Deaconess Medical Center. Dr. Pellegrini has a special clinical interest in Neonatal Infection. He has served as a Director since 2012.

Mark Tramontozzi, MD
Dr. Tramontozzi graduated from the College of the Holy Cross in 1980 and Georgetown University School of Medicine in 1985. He is board certified in general surgery and is a senior attending surgeon at Backus Hospital in Norwich, Connecticut. He has been a Director since 2011.

CMIC RRG Director Nominees

You are being asked to vote on the election of one CMIC RRG Director whose term will then expire in 2020.

Edmund Schiavoni, MD
Dr. Schiavoni graduated from the Georgetown University School of Medicine in 1989. He is board certified in internal medicine and is in practice with the Southern New Hampshire Internal Medicine Associates, P.C. in Derry, New Hampshire. He is a member of the New Hampshire Medical Society and the Northeast Healthcare Quality Foundation. Dr. Schiavoni was appointed to the CMIC RRG Board of Directors in June 2014.

Detailed information and operational performance can be found on the CMIC Group website: www.cmic.biz



CMIC RRG Proxy Statement Summary

CMIC RRG BUSINESS PERFORMANCE

During 2016, CMIC RRG expanded its presence in New Jersey, Rhode Island, Maryland and Virginia, producing strong premium growth.

  • Policyholder growth was up 106% from 2015.
  • Written premium grew to $6.2 million, up $3.8 million from the prior year.
  • 2016 year end assets were $8.1 million, up $7.7 million from the prior year.

CMIC RRG BUSINESS PERFORMANCE

Key financial data for the last two years.

 Two Year Summary - Thousands 2016 2015
 Net Premiums Written $2,238 $874
 Net Premiums Earned $1,816 $622
 Net Underwriting (Loss) $219 ($78)
 Net Investment (Expense) ($27) ($22)
 Net Income (Loss) $193 ($100)
 Invested Assets $4,168 $3,914
 Total Admitted Assets $7,661 $4,622
 Unpaid Losses & Loss Expenses $566 $400
 Total Liabilities $4,826 $1,980
 Policyholders’ Surplus $2,835 $2,642


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