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MEMIC puts safety to work

Company Overview

Quick Facts

Company overview
MEMIC is Maine’s largest and leading workers’ compensation insurer. A private mutual insurer that serves as a guaranteed market for workers’ compensation insurance for all Maine employers. The company also operates MEMIC Indemnity Company which is licensed to write workers’ comp in 45 jurisdictions across the country. Together, the companies are known as the MEMIC Group.
President and CEO
John T. Leonard
Employees
219
Policyholders
Nearly 20,000 employers (estimated 250,000 employees) across The MEMIC Group
2010 written premium
$161.1 million
Commercial market rank in Maine in 2010
1
Rank in New England in 2010
5
Dividend in Maine in 2011
$12 million
Returned to policyholders since 1998
$133 million
A.M. Best rating
“A” (Excellent) for MEMIC Group
Average number of claims annually
Approximately 20,000
Average cost per lost-time workers' comp claim in Maine (NCCI)
$24,000
Workplace safety record in Maine
Lost time injuries reduced by more than 30% since 1993
Claims service leader
Better than 90% on-time payment benchmark