PMMIC Celebrates 20th Anniversary!
This year, we recognize an historic event. We celebrate our 20th anniversary!
PMMIC Insurance, based in Urbandale, Iowa, is celebrating 20 years of success. PMMIC was created on January 13, 2000, as a non-profit mutual insurance company known as Petroleum Marketers Mutual Insurance Company. (PMMIC became a stock insurance company in 2005.)
PMMIC received a certificate of authority from the Iowa Commissioner of Insurance, as a property and casualty insurance company on November 8, 2000. On the same day all assets and liabilities of the Iowa UST Insurance Fund were transferred from the state of Iowa to PMMIC as a private insurance company. Iowa is the only state that has successfully transitioned a government liability fund to the private insurance market.
PMMIC provides environmental liability insurance for entities that store petroleum in both underground storage tanks (USTs) and aboveground storage tanks (ASTs). Clients include convenience stores, trucking companies, cities, counties, hospitals and numerous industries that maintain storage tanks for emergency generators.
PMMIC set the standard for loss control and environmental protection in the petroleum distribution industry. This success was accomplished through innovation in a very competitive marketplace. PMMIC’s annual on-site loss control inspection has greatly reduced losses and assisted tank owners to comply with regulatory mandates. PMMIC is also the only UST insurer that is owned and operated by its insureds.
Today, PMMIC provides UST and AST insurance in Iowa, Arizona, Kansas, New Mexico, Texas and Wisconsin. In December 2019, AM Best recognized PMMIC’s success with a Financial Strength Rating of A (excellent) with a stable outlook.