MEMIC puts safety to work

MEMIC News

MEMC 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
    238
  • Policyholders 
    About 19,000 employers across The MEMIC Group
  • 2011 written premium
    $178.5 million
  • Commercial market rank in Maine in 2010
  • Rank in New England in 2010
  • Dividend in Maine in 2012
    $13 million
  • Returned to policyholders since 1998
    $146 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

 

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