Maine Licenses Two New Insurers

January 6, 2011

Maine has licensed two new workers’ comp insurers, one of them a new company that will begin writing this month, the state insurance department said.

The first, Great Falls, which will begin offering policies this month, will be headquartered in Auburn.

The other, First Maine Captive, is a captive insurance company created by three workers’ compensation group self-insurers in the state.

It is the first captive domiciled in the state since 2003. Maine has allowed captives since 1997.

The captive will be administered by R.A. Peterson Associates, of York.

Recent changes to the captive laws in the state have made Maine “more attractive for captive insurance companies,” said Superintendent Mila Kofman. “Our laws and regulatory environment have attracted these insurance companies to Maine. It is exciting that two of these companies are planning to make Maine their home.”

Nineteen insurance companies are headquartered in Maine and 1,119 insurance companies are licensed to do business in Maine.

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