MEMIC puts safety to work

Company Overview


Celebrating 25 Years of Safer Workplaces


Workers' comp reform

The MEMIC Group includes MEMIC Indemnity Company, MEMIC Casualty Company, and parent company Maine Employers' Mutual Insurance Company (MEMIC), a workers’ compensation specialty insurer that opened for business in January 1993. MEMIC was, and remains, the keystone to the landmark 1992 reforms of Maine workers' compensation law passed by the Maine Legislature and signed by then Gov. John R. McKernan.

Among other reforms, this legislation called for the creation of MEMIC as a private mutual company that would serve as the guarantor of workers' compensation insurance for Maine companies. With its private structure, MEMIC serves as a competitive force within the workers' compensation insurance market.

At its formation, the company's board of incorporators set out to form a different kind of insurance company. Their philosophy of injury prevention engendered the creation of a company dedicated to workplace safety as well as compassionate care for injured workers. In that vein, MEMIC's founders stressed the creation of an environment where employers and employees would work together to help reduce injuries, control costs and improve treatment.

When MEMIC opened its doors in 1993, it was one of fewer than 10 companies who were licensed to sell workers' compensation insurance in Maine. Injury rates were high and the workers' compensation costs were the nation's highest.

Safety and compassion cornerstone

By creating an expert loss control department, which provided safety training and advice, as well as launching an ongoing "Partnership for Workplace Safety" public awareness campaign, MEMIC helped lead the way to cultural change in Maine's workplaces.

The company's treatment of injured workers is another company hallmark. By working to resolve disputes between employers and employees and by assuring appropriate medical care for injured workers, the company has become a leader in the area of injury management.

Injuries dropped

Since MEMIC's formation in 1993, lost-time injuries in its home state have been reduced by about 40 percent. The overall cost of insurance in Maine has been reduced by more than 50 percent. And, despite the fact that more than 200 insurance companies are now licensed in the competitive Maine market, MEMIC has remained the leader, insuring more than 60 percent of the state’s insured businesses.

Staying power

The company is a financial success as well. At its inception, it was allowed to collect a unique capitalization fee from its policyholders. It was given 10 years to accumulate adequate capital but ended the fee after just five years, collecting $47 million. And, while the company was under no obligation to return this capital, in 1998 it began returning this capital to its policyholders. By 2001, MEMIC had approved the return of the entire amount to all eligible policyholders and began issuing annual dividends. By 2017, the company had issued dividends and capital return of more than $240 million.

MEMIC's success has earned it accolades and recognition from a host of organizations. In 2010, the company earned attention as the best commercial insurer in the nation for its customer service. In addition, the company’s senior management is well-known in the industry, earning frequent attention in insurance and business publications nationwide.

Far beyond Maine... across the Eastern Seaboard

The company continues to grow today. In 2000, MEMIC formed MEMIC Indemnity Company, a subsidiary based in Manchester, New Hampshire. Today, MEMIC Indemnity Company is licensed to serve employers across the US with a focus on territories across the Eastern Seaboard from Maine to Florida. In 2012, MEMIC acquired a Vermont-based insurer and created MEMIC Casualty Company. Together the companies form The MEMIC Group, with assets of more than $1.3 billion. 

The MEMIC Group and its individual components, including Maine Employers’ Mutual Insurance Company (MEMIC), MEMIC and MEMIC Indemnity and MEMIC Casualty Company are rated A (Excellent) by A.M. Best. In addition to its corporate headquarters in Portland, Maine, the group maintains offices in Manchester, NH; Glastonbury, CT; Albany, NY; Weehawken, NJ; West Conshohocken, PA; Tysons Corner, VA; and Tampa, FL. 

From 2012 to 2016, the company enjoyed group-wide premium growth of 70 percent. MEMIC remains the largest and leading workers’ compensation insurer in Maine and is among the top five carriers in New England as well as one of the fastest growing writer of workers’ compensation in New York.

In 2008, MEMIC became the first company to integrate Employment Practices Liability Insurance (EPLI) with workers’ compensation with its MEMIC Edge with EPLI policy endorsement. The company’s adoption in 2011 of Comp-As-You-Go, a payroll-based payment method, as well as online billing, have also proven popular with its customers and MEMIC’s reputation as an innovator in workers’ compensation continues to grow.

News & Resources

MEMIC: A Maine Miracle

This book by Susan Dudley Gold celebrates the accomplishments of MEMIC over the past 20 years.

arrow  Download "MEMIC: A Maine Miracle" (.pdf 6.39MB) 

Watch a Video

Four Maine governors reflect on the success of MEMIC.

(Length: 00:03:59)