Insurance industry analyst A.M. Best this 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’s analysts 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.
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.
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.
MEMIC Indemnity Company, based in Manchester, NH, is a wholly-owned subsidiary of MEMIC. 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.
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