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MEMIC News

Quick Facts

 

  • Company overview 
    The MEMIC Group, specialists in workers' compensation insurance, includes Maine Employers' Mutual Insurance Company (MEMIC), MEMIC Indemnity Company and MEMIC Casualty Company. MEMIC and MEMIC Indemnity are rated A (Excellent) by A.M. Best. Altogether, The MEMIC Group insures more than 20,000 employers and their estimated 300,000 employees along the Eastern seaboard.

    The company maintains a dominant market share in Maine and has executed a careful growth strategy along the Eastern Seaboard in recent years. Today, The MEMIC Group is the fifth largest underwriter of workers' compensation business in New England and is among the fastest growing workers' comp insurers in New York and Florida. In 2013, the company added offices in Tampa, Florida and Tysons Corner, Virginia. The Group also maintains offices in New Hampshire, Vermont, Connecticut, New York, Pennsylvania, New Jersey. The company is licensed to write workers' compensation in every jurisdiction in the U.S. where commercial workers' compensation insurance is available by law.
  • President and CEO 
    John T. Leonard 
  • Employees
    284
  • Policyholders 
    More than 20,000 employers across The MEMIC Group
  • 2014 written premium
    $265.7 million 
  • Commercial market rank in Maine in 2013
    1
  • Rank in New England in 2013
    4  
  • Dividend in Maine in 2014 
    $18 million 
  • Returned to policyholders since 1998 
    $180 million
  • A.M. Best rating
    “A” (Excellent) for The MEMIC Group, which includes:

    Maine Employers' Mutual Insurance Company
    MEMIC Indemnity Company
    MEMIC Casualty Company

  • 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 nearly 40% since 1993
  • Claims service leader 
    Better than 90% on-time payment benchmark
  • Headquarters
    Portland, ME
  • Offices
    Manchester, NH
    Albany, NY
    Glastonbury, CT
    West Conshohocken, PA
    Weehawken, NJ 
    Tysons Corner, VA
    Tampa, FL
AM Best logo

AM Best Ratings

The MEMIC Group: (A) Excellent

  • Maine Employers' Mutual Insurance Company
  • MEMIC Indemnity Company
  • MEMIC Casualty

arrow  Read: "AM Best Assigns Ratings to MEMIC Casualty"
arrow  Visit AM Best website