MEMIC CEO John Leonard joins Fed's advisory board
Courtesy / The MEMIC Group
John Leonard, president and CEO of The MEMIC Group. Leonard been named to the Federal Reserve Bank of Boston's New England Advisory Council.
John Leonard, president and CEO of The MEMIC Group, has been named to the Federal Reserve Bank of Boston's New England Advisory Council for a two-year term. The board meets quarterly to provide insight into business and economic activity in the region to help the Fed in its decision-making processes.
As leader of the largest workers’ comp insurer in Northern New England and among the fastest growing in the country, Leonard brings a perspective on the workforce, regional payroll and investments in the business sector in the region.
Leonard is The MEMIC Group’s first and only president and CEO, having started with the company in 1993, its first year. MEMIC policyholders now account for approximately 65% of the commercial workers’ compensation premium in Maine. Across the group (which includes Maine Employers’ Mutual Insurance Co., MEMIC Indemnity Co. and MEMIC Casualty Co.) the company holds more than $1 billion in assets, with offices from Maine to Florida. In 2015, the company wrote nearly $309 million in premiums.
Last November MEMIC issued a dividend of $18 million to more than 17,000 policyholders in Maine.
The Federal Reserve appointment is the latest in a long list of industry leadership positions for Leonard. From 2008 to 2015, he served as the chairman of the board of ACORD, the global standards-setting organization serving the insurance industry, and currently serves on its executive committee. He was the 2011-12 board chairman for the National Council on Compensation Insurance, the leading ratemaking organization in the workers’ compensation insurance industry. He is a former president of the American Association of State Compensation Insurance Funds and chairman of its executive committee. Leonard serves as president of the board of the American Society of Workers’ Comp Professionals Inc. and in 2003 was inducted into the Maine Business Hall of Fame.
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MEMIC announces $18M dividend for 17,000 Maine policyholders
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