A.M. Best Affirms the Ratings of A (Excellent) for the MEMIC Group

PORTLAND, Maine, March 3, 2011 – The MEMIC Group has announced it has earned affirmation of its A (Excellent) rating from A.M. Best, the insurance industry’s most respected rating organization.

Through its annual analysis, A.M. Best judged the MEMIC Group, as well as its individual members, Maine Employers’ Mutual Insurance Company (MEMIC) and MEMIC Indemnity Company, as A (Excellent). According to Best, its rating reflects the group’s strong capitalization, historically favorable operating performance as well as its market position in Maine. In addition, the rating also is an acknowledgement of the group’s experienced management team, its conservative operating philosophy and the company’s excellent reputation.

“We’re proud A.M. Best has recognized us as excellent once again. MEMIC is as strong as ever,” said MEMIC President and CEO John T. Leonard. “While uncertainty continues to beleaguer many financial organizations, we build upon our strong legacy of success. This rating clearly spells out for our customers the fact that they can rely on us for years to come.” 

The MEMIC Group, specialists in workers’ compensation with a focus on the Northeastern U.S., is the leading workers’ compensation insurer in Maine and is also among the top five workers’ compensation carriers in New England. It is among the fastest growing workers’ compensation carriers in the state of New York. The MEMIC Group is authorized to write workers’ compensation insurance in 45 states plus the District of Columbia.

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.