The Maryland Automobile Insurance Fund (MAIF) said its assets directly managed by two minority investment firms have grown from $7.3 million to $42 million in value in the fiscal year that ended June 30.

The investment firms are The Swarthmore Group and Xavier Capital.

Legislation by the Maryland General Assembly in 2008 (Senate Bill 606) required the quasi-governmental auto insurer to integrate minority contractors in its operations more. MAIF officials credited the Gov. Martin O’Malley’s Office of Minority Affairs and its own leadership for the successful implementation of the change.

In fiscal year 2010, 14% of MAIF’s overall assets were managed by minority firms, up from 2.5% in 2009.

The Maryland Automobile Insurance Fund is a quasi-state agency that provides automobile insurance to eligible Maryland residents that have been turned down by two private carriers or cancelled by one.  MAIF receives no General Funds or taxpayer money from the State of Maryland.  Its operating funds are comprised of insurance premiums and revenue from MAIF’s investment income.