A.M. Best Affirms "Excellent" Ratings for the MEMIC Group for 2005
June 20, 2005 | Corporate
PORTLAND, Maine, June 20, 2005 – A.M. Best, the insurance industry’s most respected rating organization has affirmed its “Excellent” ratings for the MEMIC Group and its members, including Maine Employers’ Mutual Insurance Company and MEMIC Indemnity Company.
After a careful review of the companies, A.M. Best affirmed it’s ‘A’ (Excellent) rating for Maine Employers’ Mutual Insurance Company (MEMIC) and for The MEMIC Group while subsidiary MEMIC Indemnity Company had its ‘A-‘ (Excellent) rating affirmed.
“We’re proud that A.M. Best has once again completed its in-depth examination and found us to be excellent,” said MEMIC President and CEO John T. Leonard. “We’ve worked hard to build a secure company for our policyholders. Today’s climate in insurance shows that ratings downgrades are far more common yet we have maintained the ‘Excellent’ rating once again. In a tough line of insurance, our customers have assurance that this company is well-funded to meet its obligations.”
A.M. Best’s report stated that The MEMIC Group’s rating reflects excellent capitalization, solid liquidity and its dominant position within the Maine workers’ compensation market.
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Maine Employers’ Mutual Insurance Company (MEMIC), based in Portland, Maine, is Maine’s largest and leading workers’ compensation insurer, providing coverage to 20,000 Maine employers and their estimated 170,000 employees. The company has more than $500M in assets. In 2002, 2003, and 2004, the company was recognized by The Ward Group, an insurance consulting group, as being among the top 50 among 2,700 property/casualty insurers in the country for its financial strength and performance.
MEMIC Indemnity Company, based in Manchester, NH, is a wholly-owned subsidiary of MEMIC. A workers’ compensation specialty company, it began operation in 2000 and has grown steadily. It is licensed to write workers’ compensation policies in New Hampshire, Vermont, Massachusetts, Connecticut, New York, Pennsylvania and South Carolina.
After a careful review of the companies, A.M. Best affirmed it’s ‘A’ (Excellent) rating for Maine Employers’ Mutual Insurance Company (MEMIC) and for The MEMIC Group while subsidiary MEMIC Indemnity Company had its ‘A-‘ (Excellent) rating affirmed.
“We’re proud that A.M. Best has once again completed its in-depth examination and found us to be excellent,” said MEMIC President and CEO John T. Leonard. “We’ve worked hard to build a secure company for our policyholders. Today’s climate in insurance shows that ratings downgrades are far more common yet we have maintained the ‘Excellent’ rating once again. In a tough line of insurance, our customers have assurance that this company is well-funded to meet its obligations.”
A.M. Best’s report stated that The MEMIC Group’s rating reflects excellent capitalization, solid liquidity and its dominant position within the Maine workers’ compensation market.
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Maine Employers’ Mutual Insurance Company (MEMIC), based in Portland, Maine, is Maine’s largest and leading workers’ compensation insurer, providing coverage to 20,000 Maine employers and their estimated 170,000 employees. The company has more than $500M in assets. In 2002, 2003, and 2004, the company was recognized by The Ward Group, an insurance consulting group, as being among the top 50 among 2,700 property/casualty insurers in the country for its financial strength and performance.
MEMIC Indemnity Company, based in Manchester, NH, is a wholly-owned subsidiary of MEMIC. A workers’ compensation specialty company, it began operation in 2000 and has grown steadily. It is licensed to write workers’ compensation policies in New Hampshire, Vermont, Massachusetts, Connecticut, New York, Pennsylvania and South Carolina.