MICA

What MICA does

MICA (Mutual Insurance Company of Arizona) is a physician-founded, physician-directed mutual insurance company established in 1976 and headquartered in Phoenix, Arizona. The company provides medical professional liability (MPL) insurance to individual physicians, advanced healthcare professionals, physician groups, and medical facilities, operating across Arizona, Colorado, Montana, Nevada, Utah, and Wyoming. As a mutual, MICA is owned by its policyholders rather than external shareholders, with profits accruing to members through dividends — $762 million in cumulative dividends have been returned since inception, and $16 million was declared in 2025 (approximately 18% of annual earned premium). As of December 31, 2025, MICA reported $1.32 billion in total assets and $902.6 million in policyholders' surplus, and has maintained an A (Excellent) financial strength rating from AM Best for 33 or more consecutive years.

Name

MICA

Legal name

Mutual Insurance Company of Arizona

Website

https://mica-insurance.com

Company type

Private

Founded year

1976

Operating status

Operating

Headcount range

101–250 employees

Short description

MICA is a physician-founded mutual insurance company providing medical professional liability coverage to physicians, advanced healthcare professionals, and medical groups across Arizona, Colorado, Montana, Nevada, Utah, and Wyoming, with $1.32 billion in assets.

Ownership category

akta.pro rank

Product category

Medical Professional Liability Insurance

NAICS

Direct Insurance (except Life, Health, and Medical) Carriers (52412)

SIC

Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Healthcare Professional Liability (Med Mal) (FSAJAGAE)

Keywords

• Medical malpractice insurance
• Medical professional liability
• Physician liability coverage
• Risk management services
• Mutual insurance company

Headquarters

HQ city

Phoenix

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Medical Professional Liability Insurance Premiums: MICA generates revenue through insurance premiums from medical professional liability coverage policies sold to physicians, advanced healthcare professionals, and medical facilities. As a mutual insurance company, premiums and investment income go to pay claims, operate the company, and accrue for the benefit of policyholders.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

MICA sells medical professional liability (medical malpractice) insurance as claims-made policies to individual physicians, advanced healthcare professionals, physician groups, and medical facilities primarily in Arizona, Colorado, Montana, Nevada, Utah, and Wyoming. Policies cover medical professional liability, peer review, defense costs, supplementary payments, and discretionary medical payments up to $10,000 per occurrence. The company also provides risk management consulting, claims defense, CME education, and operates the MICA Risk Retention Group for multi-state expansion and the MICA Specialty Protected Cell Captive for alternative risk financing.

Product overview

MICA (Mutual Insurance Company of Arizona) operates as a member-owned, physician-directed mutual insurance company offering a unified medical professional liability insurance platform. The core offering is the MPL Insurance product, supported by digital self-service tools including the Member Portal, Online Quote Request, and Online Claims Reporting. Supplementary services include The Risk Team (risk management consulting), CME Courses through Medical Interactive Community, and a Risk Resource Center with articles and templates. The company also offers specialized insurance structures through sub-brands including MICA Risk Retention Group (for multi-state coverage) and MICA Specialty Protected Cell Captive (for large practices seeking alternative risk financing), plus MICA Medical Foundation for charitable initiatives. Add-on coverages include Cyber Liability and free Tail Coverage for retiring members.

Differentiator

Problem solved

Functional benefit

Products and services

• Medical Professional Liability (MPL) Insurance Core medical malpractice insurance coverage sold as claims-made policies to individual physicians, advanced healthcare professionals, physician groups, and medical facilities. Covers medical professional liability, peer review, defense costs, supplementary payments, and discretionary medical payments up to $10,000 per occurrence, with cyber liability and regulatory defense coverage included. Free tail coverage is provided at retirement, disability, or death for qualifying insureds.
• The Risk Team (Risk Management Services) Risk assessment, education, and consulting services delivered by a dedicated team of risk management professionals to MICA insureds. Includes confidential virtual or in-person risk assessments, hotlines for risk consultations, office education, regulatory compliance guidance, and best-practice advisory services intended to help prevent medical malpractice liability claims.
• CME Courses Continuing medical education courses offered in partnership with Medical Interactive Community (an ACCME-accredited subsidiary of LAMMICO). Provides AMA PRA Category 1 Credits to physicians and nursing CE credits to insured members, available 24/7 from any web-enabled device.
• MICA Risk Retention Group (RRG) Wholly owned stock company subsidiary of MICA operating as a Risk Retention Group under the Federal Liability Risk Retention Act of 1986, domiciled in the District of Columbia. Enables physicians and their related groups, clinics, and facilities to obtain MPL coverage backed by MICA's A (Excellent) AM Best financial strength as they expand beyond states where MICA is admitted.
• MICA Specialty Protected Cell Captive (PCC) Wholly owned stock company subsidiary of MICA structured as a protected cell captive insurance organization. Provides alternative risk financing opportunities to large MICA practice members, with MICA Specialty PCC handling underwriting, regulatory requirements, pricing, claims management, and financial reporting for each protected cell while providing core capital to meet regulatory thresholds.

Quantifiable outcome

• 99% member retention rate year-over-year
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature2 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• Medical Interactive (MI) CommunitycoreTechnology or IntegrationMICA partnered with Medical Interactive Community to provide CME courses to insured physicians and their associated insureds. MI Community's parent company LAMMICO is accredited by the ACCME to provide continuing medical education for physicians. CME credits available 24/7 from any web-enabled device.
• Arizona Academy of Family PhysiciansminorStrategic or Co-development PartnerMedical association partner supporting Arizona physicians.
• Arizona Medical AssociationcoreStrategic or Co-development PartnerFounding partner of MICA in 1976; ongoing strategic partnership with Arizona's medical community.
• Arizona Medical Group Management AssociationminorStrategic or Co-development PartnerMedical association partner supporting group practice management professionals.
• Arizona Osteopathic Medical AssociationminorStrategic or Co-development PartnerMedical association partner supporting osteopathic physicians in Arizona.
• Maricopa County Medical SocietyminorStrategic or Co-development PartnerCounty medical society partner in Arizona's most populous county.
• Pima County Medical SocietyminorStrategic or Co-development PartnerCounty medical society partner in Arizona.
• Utah Medical Group Management AssociationminorStrategic or Co-development PartnerMedical association partner supporting group practice management in Utah.
• Montana Medical AssociationminorStrategic or Co-development PartnerMedical association partner in Montana.
• Ogden Surgical-Medical SocietyminorStrategic or Co-development PartnerMedical society partner in Utah.
• Creighton University Arizona Health Education AllianceminorStrategic or Co-development PartnerRecipient of MICA Medical Foundation's first residency grant in 2016; provides obstetrics and gynecology experience for selected residents at affiliated hospitals where more than 10,000 newborns are delivered every year.

Scale indicators8 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Coverys: Healthcare liability insurer providing MPL coverage to physicians, hospitals, and healthcare systems nationally. Comparable to MICA in MPL product offering and healthcare risk management services, with broader geographic reach.
• NORCAL Mutual Insurance Company: Physician-owned mutual MPL insurer historically serving CA and adjacent western states; now part of ProAssurance. Shares the physician-directed mutual model, MPL product focus, and western U.S. footprint overlap with MICA.
• LAMMICO: Physician-owned MPL insurer in Louisiana that operates the Medical Interactive Community CME platform — MICA's CME partner. Comparable mutual MPL structure, physician governance, and integrated risk management/CME offering.
• MMIC Insurance (now Constellation): Physician-led MPL insurer serving the Midwest with a mutual/governance model similar to MICA. Comparable on MPL product offering, physician-directed board, and integrated risk management services for independent and group practices.
• ProAssurance Corporation: Publicly traded specialty P&C insurer focused on medical professional liability for physicians, healthcare facilities, and ancillary providers. Direct peer on MPL product, customer segment, and underwriting approach, but with broader national footprint and access to public-market capital.
• The Doctors Company: Largest physician-owned medical malpractice insurer in the U.S., offering MPL coverage nationally. Directly comparable to MICA in product offering (claims-made MPL for physicians and groups), mutual-like governance, and target customer (independent physicians). MICA's CEO Edward Marley previously served as a VP at The Doctors Company.
• MedPro Group: National MPL carrier operating through subsidiaries including PLICO. Offers claims-made MPL coverage to physicians and healthcare providers. Directly competes with MICA in product, structure (mutual), and risk management service offering; MICA COO Sherry Haworth previously led PLICO's SW Division.
• Physicians Insurance (a Mutual Company): Physician-owned mutual MPL carrier based in the Pacific Northwest. MICA's CFO Kristin Kenny previously served as SVP, CFO, and Treasurer at Physicians Insurance. Direct peer on physician-directed mutual model, MPL product, and western U.S. focus.
• PMSLIC Insurance Company: Pennsylvania-based MPL insurer focused on physicians and healthcare providers. MICA's VP of Underwriting Susan Orris previously held underwriting roles at PMSLIC. Direct peer on MPL claims-made product and physician target segment.

Regional players

• Tokio Marine HCC: Global specialty insurance group providing cyber and professional liability coverage. Tokio Marine HCC is already MICA's cyber breach response partner, indicating overlap in MPL-adjacent professional lines, but its primary P&C exposure is broader than MPL.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/user/MICAInsurance
• LinkedInlinkedin.com/company/MICA.Insurance
• Xx.com/MICA_Insurance

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles23 records

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MICA