PORTLAND, Maine –  A.M. Best, the insurance industry's most respected rating organization has affirmed its "Excellent" rating of the MEMIC Group and its members, including Maine Employers' Mutual Insurance Company and MEMIC Indemnity Company.

After a careful review of the companies, A.M. Best affirmed it's 'A' (Excellent) rating for Maine Employers' Mutual Insurance Company (MEMIC) and for The MEMIC Group while subsidiary MEMIC Indemnity Company had its 'A-' (Excellent) rating affirmed.

"In an era when downgrades are leading upgrades by nearly a 4-to-1 ratio, we are proud that A.M. Best has affirmed our ratings," said MEMIC President and CEO John T. Leonard. "Having our ratings in the 'Excellent' category reflects the financial strength that this company has built. Despite the fact that workers' compensation remains a difficult business, particularly with medical inflation causing havoc, MEMIC's customers can rest assured that this company is more-than-able to meet its obligations."

A.M. Best's report stated that The MEMIC Group's rating reflects excellent capitalization, solid liquidity and its dominant position within the Maine workers' compensation market.

Maine Employers' Mutual Insurance Company (MEMIC), based in Portland, Maine, is Maine's largest and leading workers' compensation insurer, providing coverage to 20,000 Maine employers and their estimated 170,000 employees. In 2002 and 2003, the company was recognized by The Ward Group, an insurance benchmarking organization, as being among the top 50 among 2,700 property/casualty insurers in the country for its financial strength and performance.

MEMIC Indemnity Company, based in Manchester, NH, is a wholly-owned subsidiary of MEMIC. A workers' compensation specialty company, it began operation in 2000 and has grown steadily since then. It is licensed to write workers' compensation policies in New Hampshire, Vermont, Massachusetts, Connecticut and New York. More about the company is available at its website at www.memic.com.