A.M. Best Once Again Affirms A (Excellent) Rating for the MEMIC Group
PORTLAND, Maine, January 15, 2015 – A.M. Best has announced that it has affirmed its A (Excellent) rating for super-regional workers’ compensation insurer The MEMIC Group, including all of its members.
After its annual review, Best reported that The MEMIC Group’s strong capitalization and favorable operating results supported its rating decision. The A (Excellent) rating pertains to all three of the group’s operating insurance members including Maine Employers’ Mutual Insurance Company, MEMIC Indemnity Company and MEMIC Casualty Company. Best also labeled the ratings on the group as “stable.”
“We’re pleased to have our A rating affirmed once again,” said MEMIC President and CEO John T. Leonard. “A.M. Best’s review of our companies confirms what we see each and every day - a strong company focused on its business and well prepared to continue to meet the challenges of the workers’ compensation market in the U.S.”
Last month The MEMIC Group wrapped up a record year, growing written premium by more than 15 percent across the group and by about 30 percent in its key marketing territories. The Group finished the year with more than $265 million in written premium and is poised to see further growth in 2015.
With assets topping $1 billion, The MEMIC Group is among the top five workers’ compensation insurers in the Northeast and one of the fastest growing along the Eastern Seaboard.
“Across the board, we had another great year in 2014,” Leonard said. “We grew in all three of our companies. While we saw truly impressive growth in our targeted marketing areas in the mid-Atlantic and Florida, we also saw healthy growth in our legacy territory in Maine despite a rate reduction of more than 7 percent. Every day, agents and employers are learning that MEMIC’s brand of workers’ compensation is special, and can make a real difference in their business.”
For more information about the rating, go to www.ambest.com.
The MEMIC Group includes MEMIC Indemnity Company, MEMIC Casualty Company, and parent company Maine Employers' Mutual Insurance Company; all rated "A" (Excellent) by A.M. Best. As super-regional workers' compensation specialty insurers, The MEMIC Group holds licenses to write workers' compensation in 46 states plus the District of Columbia. The group insures more than 20,000 employers and their estimated 300,000 employees, and holds more than $1 billion in assets. The group maintains offices in Manchester, NH; Glastonbury, CT; Albany, NY; Weehawken, NJ; West Conshohocken, PA; Tysons Corner, VA; and Tampa, FL; in addition to its headquarters in Portland, ME.