PORTLAND, Maine, September 1, 2003 – Maine Employers' Mutual Insurance Company (MEMIC) has once again earned an A (Excellent) rating from the nation's most respected insurance benchmarking organization.

The A.M. Best rating affirmed the score the company received in its initial rating a year ago. Examiners at A.M. Best said that MEMIC deserved to be among its top tier of companies because of its attention to customer service, its position in the marketplace and its strong financial standing.

Once again, this rating places MEMIC among a select group of insurance companies across the country," MEMIC President and CEO John T. Leonard said. "Our policyholders and the entire state of Maine should feel secure in knowing that this is a strong company and is more-than-able to meet its financial obligations."

Leonard said the timing of this rating was particularly important because a downturn in the insurance industry has led to many workers' compensation companies being downgraded by Best. He said MEMIC's approach to service in workplace safety and claim management as well as careful underwriting has helped it to build long-term and mutually-beneficial customer relationships.

"As so many of our competitors in Maine are withdrawing from our marketplace, MEMIC stands strong to serve Maine employers and employees," Leonard said. "We're not going anywhere. We answer to our customers, not some distant stockholders."

MEMIC is Maine's largest and leading workers' compensation insurer with a growing profile throughout New England as specialists in workers' comp. Maine Employers' Mutual Insurance Company (MEMIC) is now providing coverage to more than 21,000 employers and their estimated 250,000 employees in the state of Maine. The company is rated 'A' Excellent by A.M. Best, the insurance industry's most respected benchmarking organization. It is the parent company of MEMIC Indemnity Company, a workers' compensation specialty insurer based in Manchester, New Hampshire with licenses to provide workers' compensation in New Hampshire, Vermont, Massachusetts and Connecticut.