MEMIC Named Among Top Property Casualty Insurers in the US
July 16, 2006 | MEMIC in the News
PORTLAND, Maine, July 16, 2006—For the fifth consecutive year, Maine Employers’ Mutual Insurance Company (MEMIC) has been named among the top two percent of property casualty insurers in the U.S.
After an analysis of more than 3,000 companies, MEMIC was included in the Cincinnati-based Ward Group’s 2006 list of top 50 property-casualty insurers for its performance in 2001 through 2005. According to Ward Group, a respected insurance industry benchmarking company, MEMIC was among the companies which passed all of Ward’s financial tests for safety, consistency and performance.
"The insurance industry today faces tremendous challenges including market pressures, expense management, technology, rising claim costs, compliance, legislation and more. Top performing companies take these challenges in stride…," said Jeff Rieder, President of Ward Group. "In particular, these companies maintain efficient operating models, meet the needs of customers and successfully execute their strategy."
“Being listed among Ward 50 is an indication that we’re succeeding in a difficult line of insurance,” said MEMIC President and Chief Executive Officer John T. Leonard. “We do that by running an efficient organization and concentrate only on workers’ comp. When you focus as we do, you can become very good. And, as a mutual company, when we do well, we share that success with our policyholders.”
MEMIC has been named to the Ward 50 each year since 2001. During that time, the company’s market share has grown from about 52 percent of the commercial workers’ compensation market in Maine to more than 65 percent in 2005. Since 1998, MEMIC has returned more than $59M in collected capital and dividends to its policyholders.
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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 is rated “A” (Excellent) by A.M. Best. MEMIC Indemnity Company, based in Manchester, NH, is a wholly-owned subsidiary of MEMIC. It is licensed to write workers' compensation policies in 27 states, including most of the eastern seaboard. It is rated “A-” (Excellent) by A.M. Best.
After an analysis of more than 3,000 companies, MEMIC was included in the Cincinnati-based Ward Group’s 2006 list of top 50 property-casualty insurers for its performance in 2001 through 2005. According to Ward Group, a respected insurance industry benchmarking company, MEMIC was among the companies which passed all of Ward’s financial tests for safety, consistency and performance.
"The insurance industry today faces tremendous challenges including market pressures, expense management, technology, rising claim costs, compliance, legislation and more. Top performing companies take these challenges in stride…," said Jeff Rieder, President of Ward Group. "In particular, these companies maintain efficient operating models, meet the needs of customers and successfully execute their strategy."
“Being listed among Ward 50 is an indication that we’re succeeding in a difficult line of insurance,” said MEMIC President and Chief Executive Officer John T. Leonard. “We do that by running an efficient organization and concentrate only on workers’ comp. When you focus as we do, you can become very good. And, as a mutual company, when we do well, we share that success with our policyholders.”
MEMIC has been named to the Ward 50 each year since 2001. During that time, the company’s market share has grown from about 52 percent of the commercial workers’ compensation market in Maine to more than 65 percent in 2005. Since 1998, MEMIC has returned more than $59M in collected capital and dividends to its policyholders.
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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 is rated “A” (Excellent) by A.M. Best. MEMIC Indemnity Company, based in Manchester, NH, is a wholly-owned subsidiary of MEMIC. It is licensed to write workers' compensation policies in 27 states, including most of the eastern seaboard. It is rated “A-” (Excellent) by A.M. Best.