AM Best is the oldest rating agency in the country
AM Best has affirmed its rating of A (Excellent) for The MEMIC Group of Maine, including all of its members which includes Maine Employers’ Mutual Insurance Company, MEMIC Indemnity Company and MEMIC Casualty Company . AM Best cited the super-regional workers’ compensation insurer’s strong capitalization and favorable operating results as the main factors in its rating decision.
“We’re pleased to have our A rating affirmed once again,” said MEMIC President and CEO John T. Leonard. “A.M. Best’s review of our companies confirms what we see each and every day – a strong company focused on its business and well prepared to continue to meet the challenges of the workers’ compensation market in the U.S.”
The MEMIC Group, which is based in Portland Maine is among the top five workers’ compensation insurers in the Northeast and is also one of the fastest growing companies along the Eastern seaboard. With assets topping $1 billion, 2014 was a record year for the company. The insurer says that written premium grew by more than 15 percent across the group and by almost 30 percent in the company’s key marketing territories. As a result, The Group has more than $265 million in written premium by the end of last year.
“Across the board, we had another great year in 2014,” Leonard said. “We grew in all three of our companies. While we saw truly impressive growth in our targeted marketing areas in the mid-Atlantic and Florida, we also saw healthy growth in our legacy territory in Maine despite a rate reduction of more than 7 percent. Every day, agents and employers are learning that MEMIC’s brand of workers’ compensation is special, and can make a real difference in their business.”
