NYMIR is a licensed, regulated insurer owned by its policyholders - almost 900 municipalities across New York State. Together, we have built a strong, fiscally responsible company providing property and casualty insurance to counties, cities, towns and villages, both big and small.
NYMIR is a not-for-profit program. Customer service, knowledge of municipal operations, as well as risk management and aggressive claims defense are the cornerstones of the company - not shareholder returns or corporate earnings targets.
NYMIR has staked its reputation on the highest underwriting standards, a conservative investment philosophy, proactive risk management, and service to its members that is unmatched in the industry. The result is an organization with the financial strength that can produce "operating results that consistently outperform the commercial property and casualty industry, and high policyholder retention" according to A. M. Best.
As owners of NYMIR, each Subscribing member contributes to the financial security of the company. This one-time contribution, which is based on a percentage of the first year's premium and can be paid over a five-year period, represents each policyholder's commitment to NYMIR and the concept of self-ownership. As these funds grow over time, they will permit the NYMIR Board of Governors to reduce premiums or initiate a dividend program.
As a not-for-profit insurer, NYMIR elected from the outset to become an assessable company, rather than to pay into the New York State Guarantee Fund (which covers claims when other insurance companies become insolvent). By choosing to be assessable, NYMIR has saved its local government members millions of dollars in additional premium. The combination of an exemption from the Guarantee fund levy, coupled with a conservative capital retention and investment philosophy and reinsurance treaties with the very best A-rated reinsurance partners in the world, guarantees that NYMIR will remain a positive force for the future of all of New York State's local governments.