MEMIC Double Digit Growth Continues; Florida Expansion Set for 2013
PORTLAND, Maine, February 5, 2013 – The MEMIC Group, which has now enjoyed double digit growth for the second consecutive year, has announced that it will open its first office in Florida in the second quarter of 2013.
MEMIC President and CEO John T. Leonard said the company’s plan to actively market its workers’ compensation product in Florida is an important step in the company’s growth down the Atlantic Seaboard.
"Florida is an important state in our growth plans,” Leonard said. "There are strong business connections between our territories in the Northeast and the state of Florida. We’re already capitalizing on those connections and now we see that there is a market for a company like ours: An "A" rated insurer that offers uniquely high quality workers’ compensation products."
Leonard said the company plans to continue its growth with the addition of the new marketing territory. The company has secured office space in Tampa near the confluence of Interstates 4 and 75, and expects to open for business in that location in April.
The MEMIC Group, specialists in workers’ compensation, has grown by double digits in each of the last two years, including company-wide growth of 13 percent in 2012 alone. Outside of its legacy territory in Maine, the company has grown by 60 percent since 2010, including a 29 percent jump in 2012.
“We’ve enjoyed strong growth as we have developed relationships with a few of the top agencies in the states we have entered,” Leonard said. “These partners understand the value that we can bring to their customers and that has powered our growth.”
In 2012, MEMIC opened offices in Weehawken, NJ and West Conshohocken, PA. The company’s headquarters remain in Portland, Maine with additional offices in Manchester, NH; Glastonbury, CT; and Albany, NY.
The MEMIC Group includes parent company, Maine Employers’ Mutual Insurance Company, rated “A” (Excellent) by A.M. Best, and MEMIC Indemnity Company, also rated “A” (Excellent) by A.M. Best, as well as MEMIC Casualty Company. The MEMIC Group holds licenses to write workers’ compensation in 46 states plus the District of Columbia. The company insures nearly 20,000 employers and their estimated 250,000 employees.