MEMIC, MEMIC Indemnity Ratings Affirmed As "Excellent" by A.M. Best
June 13, 2006 | Financial
PORTLAND, Maine, June 13, 2006—Insurance industry analyst A.M. Best announced last week that it has affirmed the rating of the members of The MEMIC Group. According to Best, Maine Employers’ Mutual Insurance Company (MEMIC) and The MEMIC Group remain "A" (Excellent) while subsidiary MEMIC Indemnity Company remains "A-" (Excellent).
In addition to affirming those ratings, Best indicated that they see the outlook for both companies as "stable."
"Once again, this is an important vote of confidence in The MEMIC Group," said MEMIC President and CEO John Leonard. "In a competitive market, this rating means that an independent analyst is telling employers who choose MEMIC that they are getting a company that is performing well and is quite able to meet its obligations in the future. That’s important peace of mind for our customers."
MEMIC was first rated in 2000 and has maintained its "A" (Excellent) rating for seven straight years. MEMIC Indemnity has also maintained its "A-" (Excellent) rating since its initial rating.
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Maine Employers’ Mutual Insurance Company (MEMIC), based in Portland, Maine, is Maine’s largest workers’ compensation insurer, providing coverage to 21,000 Maine employers and their estimated 170,000 employees. The company has more than $500M in assets. For four consecutive years, the company was recognized by The Ward Group, an insurance consulting firm, as being among the top 50 property and casualty insurers in the country for its financial strength and performance. Since 1998, MEMIC has returned more than $59M to policyholders in the form of dividends and capital-return.
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. It is licensed to write workers’ compensation policies in Alabama, Arizona, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Massachusetts, Michigan, Mississippi, New Hampshire, New Jersey, New York, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah and Vermont.
In addition to affirming those ratings, Best indicated that they see the outlook for both companies as "stable."
"Once again, this is an important vote of confidence in The MEMIC Group," said MEMIC President and CEO John Leonard. "In a competitive market, this rating means that an independent analyst is telling employers who choose MEMIC that they are getting a company that is performing well and is quite able to meet its obligations in the future. That’s important peace of mind for our customers."
MEMIC was first rated in 2000 and has maintained its "A" (Excellent) rating for seven straight years. MEMIC Indemnity has also maintained its "A-" (Excellent) rating since its initial rating.
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Maine Employers’ Mutual Insurance Company (MEMIC), based in Portland, Maine, is Maine’s largest workers’ compensation insurer, providing coverage to 21,000 Maine employers and their estimated 170,000 employees. The company has more than $500M in assets. For four consecutive years, the company was recognized by The Ward Group, an insurance consulting firm, as being among the top 50 property and casualty insurers in the country for its financial strength and performance. Since 1998, MEMIC has returned more than $59M to policyholders in the form of dividends and capital-return.
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. It is licensed to write workers’ compensation policies in Alabama, Arizona, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Massachusetts, Michigan, Mississippi, New Hampshire, New Jersey, New York, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah and Vermont.