Workers' compensation insurer The MEMIC Group announced today it has acquired a Vermont-based insurer and also plans to expand its operations to Pennsylvania and New Jersey next year.
Portland-based MEMIC has purchased Granite Manufacturers Mutual Insurance Co. for an undisclosed price and will rename it MEMIC Casualty Co., according to a press release. The acquisition will allow MEMIC to grow its operations in the commercial workers' compensation insurance market in the eastern United States, said president and CEO John Leonard. MEMIC Group also plans to open offices in New Jersey and Pennsylvania in 2012. MEMIC insures more than 18,000 employers and their estimated 200,000 employees.
In 2010, The MEMIC Group was the fifth largest underwriter of workers' compensation business in New England and was among the fastest growing in New York. "Our expansion into the mid-Atlantic is a natural progression for our company," said Leonard.