Company Overview
Rated A (Excellent) by A.M. Best
A.M. Best is the insurance industry's most respected benchmarking organization. Each year, it performs a careful review of the thousands of insurers it rates.
Once again in 2010, the MEMIC Group earned affirmation of its A (Excellent) rating from A.M. Best.
After its annual review, Best indicated that it deems the MEMIC Group, as well as its individual members, Maine Employers’ Mutual Insurance Company (MEMIC) and MEMIC Indemnity, as A (Excellent). According to Best, the rating reflects the group’s strong capitalization, historically favorable operating performance as well as its market position in Maine. In addition, the rating also is an acknowledgement of the group’s experienced management team, its conservative operating philosophy and the company’s excellent reputation.
“These are difficult times across many industries and the workers’ compensation industry is no different,” said MEMIC President and CEO John T. Leonard. “With that background, it’s particularly gratifying to earn an A once again. This rating should be an indication for our many stakeholders, including our policyholders and agents, that MEMIC is a strong and well-managed organization.”
The MEMIC Group, specialists in workers’ compensation with a focus on the Northeastern U.S., is the leading insurer in Maine and is also among the top five workers’ compensation carriers in New England. Also in 2009, it was the fastest-growing workers’ compensation writer among the top 50 comp insurers in the state of New York.