A.M. Best Affirms the Ratings of A (Excellent) for MEMIC, MEMIC Indemnity Company
PORTLAND, Maine, August 28, 2012 – The MEMIC Group has announced that its members, Maine Employers’ Mutual Insurance Company (MEMIC) and MEMIC Indemnity Company, have earned affirmation of their A (Excellent) ratings from A.M. Best.
After its annual evaluation, Best reported that the affirmed ratings are reflective of the group’s strong capitalization, historically favorable operating performance, and MEMIC’s dominant market position in Maine. The rating also recognizes an experienced management team, a conservative operating philosophy, and strong reputation for customer service.
Best credits the positive attributes as deriving from the group’s demonstrated underwriting principles, conservative investment policy, claims management practices, and commitment to safety training.
"Workers compensation is a tough business and we're proud to do it well," said MEMIC Group President and CEO John T. Leonard. "The affirmation of our A rating by A.M. Best reflects favorably upon the stability of our operation and the financial strength of the company."
"Agents and policyholders within our marketing territory continue to express confidence in the quality and depth of service we bring to the marketplace. Our continued growth is testimony to the impact we are experiencing throughout the Northeast and we look forward to another very successful year in 2012."
Specializing in workers' compensation insurance, MEMIC insures nearly 20,000 employers and their estimated 250,000 employees. Based in the Northeast, MEMIC is the leading workers' compensation insurer in Maine through Maine Employers’ Mutual Insurance Company. The company is the parent of MEMIC Indemnity Company, which is licensed to write workers' compensation in 45 states plus the District of Columbia. The company maintains offices in Portland, Maine; Manchester, NH; Glastonbury, CT; and Albany, NY. In 2011, the group announced that it will open offices in New Jersey and Pennsylvania in 2012.
The group is among the top five carriers in workers’ compensation in New England and is among the fastest growing workers’ compensation carriers in New York. Both MEMIC and MEMIC Indemnity Company enjoyed growth in 2011, with MEMIC Indemnity growing by about 25 percent.
To read more about the MEMIC Group ratings, go to www.ambest.com. To read more about A. M. Best ratings and methodology, go to www.ambest.com/ratings.