FLMIC declares a dividend for the third consecutive year

FLMIC declares a dividend for the third consecutive year

Florida Lawyers Mutual Insurance Company FLMIC has declared a dividend to be paid to qualifying policyholders during 2024.

FLMIC was created by The Florida Bar during the professional liability insurance crisis of the 1980s. After creating the mutual company entity, assembling a board of directors, and hiring the staff, The Florida Bar unconditionally divested its ownership and terminated all operational management and control of the company.

This marks the third consecutive year with a dividend declared for qualifying Florida Lawyers Mutual members.

“Because of your loyalty as members and your good practices as lawyers resulting in a favorable claims experience for the company — combined with our strong financial standing as Florida Lawyers Mutual celebrates 35 years of serving Florida lawyers — we thank you by declaring a dividend this year for qualifying members,” FLMIC told its members in an email,

The dividend, which is in the amount of 8% of the premium paid to the company during the prior policy year, will be paid to those members who hold an active policy on April 1, 2024, and who paid a full year premium for that prior policy. Dividends will be issued to the “Named Insured” and distributed beginning in late May through early June. FLMIC is encouraging its members to monitor their email inboxes and U.S. mail for further communication.

During the professional liability insurance crisis of the 1980s, a large number of Florida lawyers found themselves without professional liability insurance or faced rate hikes as high as 70%. Leadership at The Florida Bar answered the crisis by forming the captive insurance company “for lawyers, by lawyers.” FLMIC’s primary objective is to provide to qualified attorneys practicing in Florida a financially sound, stable, and perpetual source of attorney professional liability insurance.

Originally published at https://www.floridabar.org/the-florida-bar-news/flmic-declares-a-dividend-for-the-third-consecutive-year/

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