PORTLAND, ME, July 28, 2009 – In early August, about 500 guests will come to Maine to attend the annual conference of the American Association of State Compensation Insurance Funds (AASCIF). It may not be a household name, but it will contribute to Maine’s households and to the state's coffers.

According to estimates, the conference will contribute more than $1 million in economic activity to the local area in just a few days. While MEMIC is the member host of the meeting, the event is funded entirely by attendee fees and conference sponsors.

“We’re proud not only to bring these guests to our home state to introduce them to its beauty and its people, but also because the conference will provide a much-needed boost to the local economy,” said MEMIC President and CEO John T. Leonard. “Our employees are excited about the fact that the conference supports so many local businesses. Better yet, I think it’s important to know that all of this is happening without expense to our company or our policyholders.”

The conference headquarters is the Holiday Inn By the Bay in Portland with some attendees staying at other hotels, including the Eastland Park Hotel and the Portland Harbor Hotel. Many local businesses have been contracted to perform work for the event, including caterers, printers, and tour bus operators, as well as musicians and other performers. The economic benefits will also come in the form of guests purchasing hotel rooms, meals, taking part in activities and shopping in local stores, not to mention sales tax benefits to the state of Maine. According to hotelier and other convention experts, the AASCIF Annual Conference is one of Portland’s largest conferences this year.

"When a local person takes the initiative to invite their national organization to meet in Maine, the economic impact ripples throughout our community in many significant ways,” said Barbara Whitten, President of the Greater Portland Convention and Visitors Bureau. “John Leonard and MEMIC have given our community a $1 million gift by inviting the American Association of State Compensation Insurance Funds to meet in Portland.”

Specializing in workers' compensation insurance, MEMIC insures more than 20,000 employers and their estimated 200,000 employees. Based in the Northeast, MEMIC is the leading workers' compensation insurer in Maine through Maine Employers Mutual Insurance Company which is rated A (Excellent) by A.M. Best. MEMIC Indemnity Company, rated A (Excellent) by A.M. Best, has offices in Manchester, NH; Glastonbury, CT; and Albany, NY. The company is licensed to write workers' compensation in 45 states plus the District of Columbia. MEMIC is among the top five workers’ comp insurers in New England and is the fastest growing comp writer in Rhode Island, Connecticut and New York.