PORTLAND, ME– Workers’ compensation insurer The MEMIC Group announced today it has acquired a Vermont-based insurer and also plans to expand its operations in Pennsylvania and New Jersey in 2012.
MEMIC has purchased Granite Manufacturers Mutual Insurance Company and will rename it MEMIC Casualty Company. The company will operate under the parent brand MEMIC as part of The MEMIC Group. According to company president and CEO John T. Leonard, the acquisition will give the group another vehicle to continue its impressive growth in the commercial workers’ compensation insurance market.
“The addition of MEMIC Casualty will help us implement our growth strategies in the Eastern U.S.,” Leonard said. “This acquisition is a great opportunity, and gives agents even more options when they look to place business with MEMIC. We’re excited about the prospects for this new subsidiary.”
In addition, The MEMIC Group announced that it will open offices in New Jersey and Pennsylvania in 2012. While the company remains the dominant market share holder in Maine through its mutual company, Maine Employers’ Mutual Insurance Company, it has also executed a careful growth strategy across the Northeast over the last few years. In 2010, The MEMIC Group was the fifth largest underwriter of workers’ compensation business in New England and was among the fastest growing in New York. Growth in 2011 has reinforced that position, according to the company.
“At a time when some companies are continuing to shrink, our MEMIC Indemnity Company unit has grown by more than 25 percent this year,” Leonard said. “That is a clear indication that there is a strong desire in most markets for a service-oriented insurer like MEMIC. Our expansion into the mid-Atlantic is a natural progression for our company. Even before we open our offices, we’re getting great response from independent agents in these territories.”