Portland, ME – Workers’ compensation specialists The MEMIC Group recently announced that A.M. Best has affirmed its A (Excellent) rating for members of the group, adding an A (Excellent) rating for newest group member, MEMIC Casualty Company.
Best reported that The MEMIC Group’s strong capitalization and ongoing performance were key in determining the rating. Further, Best analysts assigned a “stable” outlook for the group and all of its individual members, including parent company Maine Employers’ Mutual Insurance Company (MEMIC), and subsidiaries, MEMIC Indemnity Company and MEMIC Casualty Company.
“It’s always important to hear that A.M. Best has affirmed its stamp of approval on our company’s financial strength and outlook,” said MEMIC President and CEO John T. Leonard. “We’re especially delighted to see MEMIC Casualty Company rated an A (Excellent) in its first ever rating period.”
The MEMIC Group operates as a super-regional workers’ compensation specialist. The company grew to more than $230 million in premium in 2013, a group-wide growth rate of about 15 percent. The company maintains offices in seven states from Maine to Florida and will open its eighth office in Tysons Corner, Virginia in 2014.
“We continue to see great opportunity for us to bring our brand of high-quality, high-service workers’ compensation to agents and employers up and down the East Coast,” Leonard said. “We’re off to a great start in 2014 and look forward to continuing our growth and performance.”
In releasing the rating, Best reported: “The ratings further acknowledge the group’s experienced management team, conservative operating philosophy, and MEMIC’s solid market position and excellent reputation among Maine policyholders for its high level of service and profit sharing. The group’s positive attributes are derived from its demonstrated underwriting principles, conservative investment policy, aggressive claims management practices and firm commitment to loss control and in-depth safety education and training services.”