A.M. Best Affirms "Excellent" Ratings for the MEMIC Group for 2007
May 07, 2007 | Corporate
PORTLAND, Maine, May 7, 2007—Insurance industry analyst A.M. Best has affirmed its “Excellent” ratings for 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 its “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.
“A.M. Best has once again reviewed our performance and has ranked us as excellent,” said MEMIC President and CEO John T. Leonard. “Our policyholders recognize the value of a relationship with MEMIC which provides superior safety services and outstanding claims handling ability. Our consistent results demonstrate the effectiveness of our company's strategy to outperform the industry with our workers' comp products."
A.M. Best’s report stated that The MEMIC Group’s rating is reflective of its excellent capitalization, loyal insured and agent base, experienced senior management and dominant market position in Maine. It further reported the group's commitment to safety and safety education drives its success.
This is the eight straight year MEMIC has earned it "A" (Excellent) rating. MEMIC Indemnity has also maintained its "A-" (Excellent) rating since its initial rating in 2000.
"MEMIC Indemnity Company is a rising star for The MEMIC Group," Leonard said. "Its growth is serving MEMIC policyholders by further diversifying the group, giving them the same outstanding service outside of Maine that they have grown accustomed to, and by growing the value of the company's brand."
A.M. Best is the insurance industry's most respected benchmarking organization. Each year it performs a careful review of the thousands of insurers it rates.
After a careful review of the companies, A.M. Best affirmed its “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.
“A.M. Best has once again reviewed our performance and has ranked us as excellent,” said MEMIC President and CEO John T. Leonard. “Our policyholders recognize the value of a relationship with MEMIC which provides superior safety services and outstanding claims handling ability. Our consistent results demonstrate the effectiveness of our company's strategy to outperform the industry with our workers' comp products."
A.M. Best’s report stated that The MEMIC Group’s rating is reflective of its excellent capitalization, loyal insured and agent base, experienced senior management and dominant market position in Maine. It further reported the group's commitment to safety and safety education drives its success.
This is the eight straight year MEMIC has earned it "A" (Excellent) rating. MEMIC Indemnity has also maintained its "A-" (Excellent) rating since its initial rating in 2000.
"MEMIC Indemnity Company is a rising star for The MEMIC Group," Leonard said. "Its growth is serving MEMIC policyholders by further diversifying the group, giving them the same outstanding service outside of Maine that they have grown accustomed to, and by growing the value of the company's brand."
A.M. Best is the insurance industry's most respected benchmarking organization. Each year it performs a careful review of the thousands of insurers it rates.
To read more about the MEMIC Group ratings, go to www.ambest.com. To read more about A. M. Best ratings and methodology, go to www.ambest.com/ratings.
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About MEMIC
Maine Employers' Mutual Insurance Company (MEMIC), based in Portland, Maine, is Maine's largest and leading workers' compensation insurer, providing coverage to more than 21,000 Maine employers and their estimated 170,000 employees. The company has been named to the Ward 50 for five consecutive years, putting it among the nation’s top 50 property/casualty insurers. MEMIC Indemnity Company, based in Manchester, NH, is a wholly-owned subsidiary of MEMIC. It is licensed to write workers' compensation policies in 38 states.