MEMIC's Financial Strength Earns "A" (Excellent) Rating from A.M. Best
PORTLAND, ME, May 14, 2018 – A.M. Best has affirmed its “A” (Excellent) rating for workers’ compensation specialist The MEMIC Group, which includes Maine Employers’ Mutual Insurance Company, MEMIC Indemnity Company and MEMIC Casualty Company.
As the insurance industry’s most respected rating organization, A.M. Best acknowledged in its annual review The MEMIC Group’s strong balance sheet including risk-adjusted capitalization and favorable loss reserve development over the past 10 years. A.M. Best also noted the company’s focus on workplace safety, history of large policyholder dividends, dominant Maine market share and its growing diversification across the Eastern Seaboard.
“A.M. Best’s all-important affirmation of our ‘A’ rating complements our recent designation by ACORD as the top workers’ compensation insurance company in the United States,” said MEMIC President and CEO Michael P. Bourque. “We will continue to innovate and deliver, to the best of our ability, the best workplace safety and injury management services in the industry.”
In 2017, The MEMIC Group wrote more than $380 million in premium, an increase of more than 10% from 2016. That record year was immediately followed by a strong start to 2018.
As a super-regional workers’ compensation specialty insurer, The MEMIC Group holds licenses to write workers’ compensation across the country. The group insures more than 20,000 employers and their estimated 300,000 employees, and holds more than $1.3 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.