Portland, ME – 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.