Maine-based Workers’ Comp Insurer MEMIC Announces Acquisition

Workers’ compensation insurer The MEMIC Group acquired a Vermont-based insurer. The insurer also said it plans to expand its operations in Pennsylvania and New Jersey in 2012.

MEMIC purchased Granite Manufacturers Mutual Insurance Company in Vermont and will rename it MEMIC Casualty Company. The company will operate under the parent brand MEMIC as part of The MEMIC Group.

The acquisition will give MEMIC another vehicle to continue its growth in the commercial workers’ comp insurance market, according to MEMIC CEO John Leonard.

“The addition of MEMIC Casualty will help us implement our growth strategies in the Eastern U.S.,” EMIC CEO said.

Additionally, The MEMIC Group said it will open offices in New Jersey and Pennsylvania in 2012. The company remains the dominant market share holder in Maine through its mutual company, Maine Employers’ Mutual Insurance Company. The company noted that it has also executed a growth strategy across the Northeast over the last few years.

In 2010, The MEMIC Group was the fifth largest underwriter of workers’ comp business in New England and was among the fastest growing in New York. Continued growth in 2011 has reinforced that position, according to the company.

Specializing in workers’ comp insurance, MEMIC insures more than 18,000 employers and their estimated 200,000 employees.

Based in the Northeast, MEMIC is the leading workers’ comp insurer in Maine through Maine Employers’ Mutual Insurance Company. The company is headquartered in Portland, Maine, and also has offices in Manchester, N.H., Glastonbury, Conn., and Albany, N.Y.