Portland, ME – A.M. Best has affirmed its “A” (Excellent) rating for super-regional workers’ compensation insurer 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 reported in its annual review that The MEMIC Group’s strong capitalization and favorable operating performance supported its rating decision. The MEMIC Group was also acknowledged for its experienced management team, conservative operating philosophy and MEMIC’s excellent reputation among policyholders for its high level of service and, in Maine, for its dividend. According to A.M. Best, The MEMIC Group’s rating is the result of its demonstrated underwriting principles, conservative investment policy, strong claims management practices and firm commitment to loss control and in-depth safety education and training services.
“We’re very pleased to have our excellent rating affirmed yet again,” said MEMIC President and CEO John T. Leonard. “A.M. Best’s review of our companies confirms that we have maintained excellent service and financial stability as we’ve managed growth across the Eastern Seaboard.”
The MEMIC Group grew written premium by more than 16 percent in 2015, writing more than $300 million for the first time in its history. That record year was immediately followed by a record first quarter in 2016.
Source: The MEMIC Group