MEMIC Indemnity Company Earns Upgrade To "A" (Excellent) From A.M. Best
PORTLAND, ME, April 13, 2009 – MEMIC has announced that subsidiary MEMIC Indemnity Company has earned an upgrade in its financial strength rating from A- to A from respected insurance industry reviewer A.M. Best.
According to Best, the company earned the upgrade due to its strong capitalization, improved operating results as well as its strategic importance to, and support from, its parent company. The rating agency also affirmed the A rating of parent company Maine Employers’ Mutual Insurance Company and the MEMIC Group.
“In this environment, this is truly wonderful news for MEMIC and its customers,” said MEMIC President and CEO John T. Leonard. “A.M. Best has affirmed that we’ve built a high quality company that is well capitalized and poised for even more growth. That’s a message that current customers, agents, and potential customers should be delighted to hear.”
The MEMIC Indemnity division is now licensed in 45 states plus the District of Columbia. The company is actively marketing in New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut and New York.
Ratings are available at www.ambest.com.
Specializing in workers' compensation insurance, MEMIC insures more than 20,000 employers and their estimated 200,000 employees. Based in the Northeast, MEMIC is the leading workers' compensation insurer in Maine through Maine Employers Mutual Insurance Company which is rated A (Excellent) by A.M. Best. MEMIC Indemnity Company, rated A (Excellent) by A.M. Best, has offices in Manchester, NH; Glastonbury, CT; and Albany, NY. The company is licensed to write workers' compensation in 45 states plus the District of Columbia.