Portland, ME – Maine Employers’ Mutual Insurance Company (MEMIC) first opened its doors in January 1993 and plans to celebrate a variety of milestones throughout 2018, a quarter century after the near-collapse of Maine’s workers’ compensation market in the early 1990s.
“The cost of workers’ compensation insurance in Maine in 1992 was more than twice the national average and a crushing burden to employers throughout the state,” said Michael P. Bourque, president and chief executive officer of the company. “There were far too many workplace injuries and protracted litigation was the standard remedy. Most insurers bailed out, leaving the state rather than face financial losses.”
A 17-day state government shutdown led to a landmark reform of workers’ compensation law and the creation of MEMIC with the mission to provide the best workers’ comp insurance and transform workplace culture through a focus on workplace safety and the fair treatment of all workers. The state saw such a turnaround that MEMIC has been called “The Maine Miracle.”
Today, workplace injuries in Maine have been reduced by about 40 percent while the cost has decreased by more than 50 percent, keeping billions of dollars working in the economy and allowing employers to remain competitive. More than $2.3 billion in benefits have been paid by MEMIC to help injured workers get healthy and back to work and a record dividend of $21 million was returned to policyholders this past year, with more than $240 million returned since 1998.
“MEMIC is essentially a large self-insured group in which policyholders share in the risk as well as the financial rewards,” said Bourque. “We are excited to celebrate the success of the past 25 years and honor all those who have made it possible as we look forward to the next quarter century.”
Now, known as The MEMIC Group, the company is rated “A” (Excellent) by A.M. Best. The group is licensed across the country and 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. Altogether, the group today insures more than 20,000 employers and their estimated 300,000 employees, and holds more than $1.3 billion in assets. Its mission remains focused on workplace safety, fair treatment of all workers and a strong economy.