Strategic Expansion Boosts MEMIC’s National Presence and Capabilities as Top Workers’ Comp Insurer
The MEMIC Group, a top workers’ compensation insurer headquartered in Maine, has announced a definitive agreement to acquire The Dakota Group®, marking a significant expansion in its national footprint and operational capacity. The transaction, led by MEMIC’s parent company, Maine Employers’ Mutual Insurance Company, includes The Dakota Group’s flagship entity, Risk Administration Services, Inc. (RAS), and four affiliated insurance services companies. Once finalized, the acquisition will position The MEMIC Group as the third-largest multi-state workers’ compensation specialist in the country, with projected 2025 premiums exceeding $600 million and coverage extended to more than 25,000 employers nationwide.
Both The MEMIC Group and The Dakota Group maintain A (Excellent) ratings from A.M. Best.
“The Dakota Group’s strong regional brand, accomplished leadership, and consistent recognition as a Ward’s Top 50 performer since 2020 make these companies a strategic match for The MEMIC Group’s mission and values,” said Michael Bourque, President and CEO of The MEMIC Group. “The companies complement each other perfectly and will position us to be able to compete nationally with our special brand of customer-focused workers’ compensation.”
Deal Structure and Assets Acquired
The transaction includes:
- Risk Administration Services, Inc. (RAS), which acts as attorney-in-fact to the reciprocal insurer Dakota Truck Underwriters (DTU).
- A controlling interest in First Dakota Indemnity Company, also managed by RAS.
- Ownership of three affiliate service companies:
- OHARA LLC
- TLC Advantage LLC
- Precision Bill Review LLC
These companies provide a comprehensive suite of cost-containment and claims support services, such as case management, PPO network access, and medical bill review, to a diverse client base across the Midwest.
The transaction remains subject to regulatory approval and is expected to close by early January 2026.
Expanding Geographic Reach and Complementary Strengths of MEMIC
The deal significantly enhances MEMIC’s geographic reach. While MEMIC has established strength along the Eastern Seaboard, The Dakota Group brings a dominant presence in the Upper Midwest, with particular strength in:
- South Dakota, where it is the leading voluntary workers’ compensation writer.
- Minnesota, Iowa, Kansas, and Nebraska, where it ranks among the Top 15 workers’ compensation carriers.
This geographic alignment supports MEMIC’s national growth ambitions while reinforcing its core mission of delivering specialized, high-quality workers’ compensation solutions.
“For more than 35 years, RAS Companies has been committed to protecting workers and supporting businesses across the Midwest,” said Richard Johnson, President and CEO of The Dakota Group. “Joining forces with MEMIC opens an exciting new chapter for our company. MEMIC’s deep expertise in workers’ compensation and its alignment with our core values and mission make this partnership a natural fit. Together, we have an incredible opportunity to combine our strengths, innovate, and deliver even greater value to the customers and partners who rely on us every day.”
Looking Ahead
With this transaction, The MEMIC Group accelerates its ambition to become a national leader in workers’ compensation, combining deep regional expertise, strong financial performance, and customer-centric operations.
The strategic combination brings together two A-rated, customer-focused organizations, each with a long-standing reputation for underwriting excellence, to form one of the most competitive and specialized workers’ compensation platforms in the U.S.
The companies expect a smooth regulatory review process and have targeted early January 2026 for the official close.
About The MEMIC Group
Based in Portland, Maine, The MEMIC Group includes its parent, Maine Employers’ Mutual Insurance Company, and serves employers throughout the Eastern U.S., with a focus on workplace safety, injury prevention, and customer service.
About The Dakota Group
Headquartered in Sioux Falls, South Dakota, The Dakota Group encompasses Risk Administration Services, Inc. and several affiliate service companies that provide insurance and claims management services across the Midwest.
