When Ric Rosario, CPA, CGMA, first joined CAMICO in July of 1992, he knew little about the company, the insurance industry, and was initially hired as a temporary employee to support CAMICO’s Loss Prevention efforts.

Six months later, he became a permanent employee and sixteen years later he became the second President and CEO of CAMICO Mutual Insurance Company.

“Between the nice environment, people and the work – where I was helping CPAs – it was very fulfilling,” Rosario said. “That’s what kept me at CAMICO initially, that’s where it all started. Things fell into place that really fit me, and I never wanted to leave.”

From the Beginning

In 1980, Rosario earned a bachelor’s degree in accounting from St. Mary’s College in Moraga, Calif., and upon graduation, he was recruited by the CPA firm John F. Forbes and Co., in San Francisco, along with his college classmate Sherry Swiess, who later married John Dodsworth, the founding CEO of CAMICO.

Rosario worked in the audit division of the regional firm for about four years and then set off to join a startup real estate venture where he served as the Controller and then Chief Financial Officer. When the business filed for bankruptcy due to a recession, Rosario took some time off and reconnected with John Dodsworth at a social event where he suggested that Rosario apply for an opening in CAMICO’s Loss Prevention Services. 

“I had done a lot of different things, but the idea of helping CPAs with Loss Prevention services and resources, but not having to do accounting work was appealing,” Rosario said. “I loved accounting but didn’t want to do financial statements every month. I was much more interested in the business part of accounting.”

When Rosario began working in Loss Prevention, it wasn’t a department, but rather a subgroup in the Claims department.

“There were just a few of us focusing on Loss Prevention, and as the services grew over time, it became a stand-alone department,” he said. “We realized how unique Loss Prevention was, and how advising our policyholders before an incident became a claim not only led to happier policyholders, but also helped reduce claims expenses over the long term.”

Building a Lasting Career at CAMICO

After a decade of learning the ins and outs of risk management and being promoted to Loss Prevention Manager, Rosario continued to grow in his career and gain more exposure in different areas of the company, such as in Underwriting and Marketing.

“I enjoyed public speaking and interacting with policyholders face-to-face, so I would travel to different states to promote CAMICO when the company started to expand outside of California,” Rosario said.

Eventually Rosario was promoted to Vice President of Loss Prevention Services and then to Executive Vice President, where he gained executive oversight of Underwriting, Claims, and Marketing and Communications. And then in 2009, his biggest opportunity was presented: to become CAMICO’s next leader.

Leadership Plans

In a planned transition, Rosario succeeded John Dodsworth as CEO on January 1, 2009. Dodsworth had served as CAMICO’s CEO since the company’s inception in 1986 and continued to serve as a member on CAMICO’s Board of Directors through June 2020.

Rosario had two objectives as CEO: to help CAMICO continue to expand market share as the premier carrier for CPAs and to improve CAMICO’s ability to provide superior policyholder service.

But market forces converged shortly after Rosario’s transition.

“When I took over, it wasn’t anticipated that the Great Recession was going to hit,” he said. “The most important priority became protecting the CAMICO program, ensuring financial stability, and honoring the guiding purpose of the company to be there for our policyholders during good times and bad.” 

By the end of 2008, CAMICO’s claims losses, largely caused by the economy, had produced the unusual occurrence of an underwriting loss that was not covered by investment income. CAMICO’s Board strengthened the company’s loss reserves in response to the developments. This action, when combined with unrealized investment losses, reduced CAMICO’s surplus by 30 percent. CAMICO still had more than sufficient surplus and reserves to meet its claims obligations, but the reduction in surplus prompted the rating company A.M. Best to lower CAMICO’s financial strength rating from A- (Excellent) to B++ (Good) with a rating outlook of “Stable.”

“That wasn’t in the plan and was the biggest task I had over my 15 years as CEO,” Rosario said. “But sometimes we have to rise to the challenge that is presented to us. It came down to profitability, building up our surplus and most importantly, getting our A.M. Best rating upgraded. All of those things are back in place now, but it took 15 years to achieve it.”

Key partners during that challenging period were Chief Financial Officer, Jay Stewart, and Vice President of Marketing and Communications Sandra Maker, Rosario said.

“Jay’s experience as CFO was critical for me to be able to do what I was able to do and have a sounding board as I was coming up with solutions,” he said. “Other significant people in my succession were Sandra Maker, who helped build and expand CAMICO’s brand. She and I partnered on a lot of things as CAMICO grew and would solve problems in a positive way. Also, Sue Holl, who heads up Loss Prevention, has followed in my footsteps in a lot of different ways and has been instrumental in company leadership and collaborating throughout my career.”

During those difficult financial years at CAMICO, Rosario and his team worked on tangible solutions such as partnering with Berkley Alliance Managers (a Berkley company), enacting management changes and focuses, working with reinsurers and coming up with a new reinsurance program.

“There was the tactical side, but there was also the human side of the struggle,” Rosario said. “I had to respond to employees’ legitimate fears when they asked, ‘Am I going to lose my job because the company isn’t going to make it?’  That was especially difficult and a true test of leadership,”’ Rosario said. “It came down to transparent communication and maintaining a level of confidence that we can get through this. That was a big part of what I had to do, was give our employees some hope that we could get out of it, to stand up and say, ‘We can do this, and we must do it together, so let’s get at it.”

Former CAMICO Board Member (for 21 years) and previous board chairman (2012- 2018) Robert P. (Pat) Evans, CPA, CISA, said Rosario’s strategic critical thinking and response to the Great Recession in 2008- 2009 was an example of highly principled leadership.

“His leadership, personal high integrity and commitment to CAMICO’s culture kept our management team and staff together during a very trying time,” he said. “He was always listening and engaging colleagues, the Board and key advisors, and then acting in the best interest of the company with key strategic moves like choosing to partner with Liberty and eventually Berkley, to ensure that our policyholders had the very best insurance policy and coverage possible.”

CAMICO co-founder Louis J. Barbich, who retired in 2012 after serving as CAMICO’s first chairman for 26 years (since the company’s founding in 1986), said Rosario’s traits and actions during challenging times have led to instrumental contributions to the company and have made him a valuable leader.

“Ric has the ability to stay calm in spite of the turmoil that was going on in the company in prior years,” he said. “He explores all possible options and identifies the best option. Even when CAMICO was not in a position of strength, he never showed it and, in my opinion, ends up negotiating a deal that remains to CAMICO’s advantage.”

Improving the Policyholder Experience

Because CAMICO didn’t have a dedicated Customer Service Unit for the first few decades, Rosario said he made creating one a priority. His goal was to implement a centralized customer service team where trained representatives would solve some issues in a single call, and in more complicated situations determine where calls should be directed. 

“It took some time to channel those resources but with the help of Stephen Dixon, Vice President of Human Resources and Administration, and other management team members we were able to round up and recruit employees specifically for customer service and created a specialized unit,” Rosario said. “The important thing for me was to build a stronger organizational sense of service to the policyholder in every way. At its most basic level, it was answering the phone and letting callers know that we will make sure they get to the right professional and that they will receive a timely response. That’s one of the accomplishments I’m most proud of in my role as CEO, to improve our ability to deliver a high level of policyholder service.”

The CAMICO Difference

One of the major things that makes CAMICO different from other companies and its competitors is the mutual aspect of CAMICO, as we were founded by CPAs for CPAs, Rosario said. 

“The mutual concept has allowed CAMICO to focus on the policyholder and the accounting profession. From the Board to the CEO, and throughout the staff, everyone knows who we are serving – the policyholder. Our policyholders are CAMICO’s owners. Having that shared focus throughout the organization at every level leads to aligned goals. I think those are powerful, and our policyholders see it.”

During Rosario’s 32-year tenure with CAMICO (which has been in business for 38 years), in addition to his other accomplishments, Rosario said he is proud of his role in helping with the growth and success of CAMICO employees as they support the organization’s mission and vision. 

“We have great, talented people throughout the organization, and to see them flourish brings me great satisfaction,” he said. “I believe in finding the right people, with the right skills, who believe in what we’re doing, in our mission of taking care of our policyholders, treating everyone professionally and creating a successful work environment. And I think our great culture is reflective in how long employees stay with CAMICO — 10 years on average, with a significant number of people who leave for other opportunities and then return to CAMICO.”

It’s great to be a part of an organization that has made a difference, Rosario said.

“We’ve become thought leaders in the profession and that didn’t exist 30-plus years ago,” he said. “Now CAMICO is considered a driving force for the good of the CPA profession. With some creative ideas and a lot of hard work from everyone, we truly make a difference to the accounting profession.”

Mike Ray, CPA, who joined CAMICO in February 2023 as Chief Financial Officer, is now phasing into the CEO role as planned by Rosario and CAMICO’s Board of Directors. Rosario will continue to serve as a member of CAMICO’s Board of Directors after his retirement as CEO and will succeed Andrew M. Eassa, CPA, as Chairman of the Board when Eassa’s term expires in June 2025.

“I hope I’ll be able to share insights from my years of experience leading CAMICO to be useful and supportive of Mike (Ray) and the management team,” Rosario said. “I’ve worked for all three prior board chairs of the company and all three of them have been very effective, and I’ve learned something from each of them. In addition to those lessons, I hope I can continue to add my own knowledge and insights to support CAMICO’s continued success.”

Former CAMICO Chairmen speak on Ric’s CAMICO Leadership & Legacy 

“Ric’s leadership style allows him to evaluate and select the right person to fill management positions and to promote the right people to leadership positions within the company. He has built a great team at CAMICO. An example of this is having the person who will succeed him already in the management team of CAMICO. Ric’s contribution to the success of CAMICO is immeasurable. CAMICO will always be indebted to him for CAMICO’s success.”

— Louis J. Barbich, CPA, MBA (Board Chairman from 1986-2012)

“I have known many leaders and owners of large and small businesses. No one touches the leadership and character exhibited by Ric during the past two decades.  He embraced CAMICO’s history and culture every day and built an enduring partnership with the CAMICO Board. Under high stress and incredible pressure, he led CAMICO’s efforts in strengthening its team and systems, achieving high financial strength and profitability and serving policyholders across the nation.”

— Robert P. (Pat) Evans, CPA, CISA (Board Chairman from 2012- 2018)