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January 23, 2018

MEMIC named 'best workers' comp company' in America

Photo / Tim Greenway
Photo / Tim Greenway
Michael Bourque, president and CEO of The MEMIC Group, announced Tuesday that the Portland-based workers' compensation insurance company has been ranked the top workers' compensation company in the United States by ACORD, the global standards-setting body for the insurance company.

The MEMIC Group is ranked the top workers' compensation company in the United States by ACORD, the global standards-setting body for the insurance industry.

In a first-of-its-kind study of the $48 billion U.S. workers' compensation insurance market, Maine-based MEMIC came out on top based on strong financial performance as well as measurable, superior capabilities in customer experience, employee satisfaction, and brand reputation.

"Congratulations to MEMIC for distinguishing itself as the top workers' compensation company in the U.S.," Bill Pieroni, president and CEO of ACORD, said in a news release. "Given MEMIC's significant contribution to workers' compensation in Maine and their strong reputation in the insurance industry, it's admirable that they not only grew faster than the market but also had materially better financial performance. This is a first and we applaud everyone at their organization for their respective contributions."

MEMIC President and CEO Michael P. Bourque said MEMIC and its employees "are thrilled with this recognition," especially so, given that the company is celebrating its 25th anniversary year.

"It is a wonderful reflection of everyone at our growing organization who has worked incredibly hard, year after year, to better serve our customers," Bourque said. "I especially have to point out that this award is shared with our recently retired CEO John Leonard, who led us since the beginning and during the five years ACORD evaluated. He set the vision of safer workplaces and the compassionate treatment of all workers that will continue to be the key to our success."

ACORD examined 50 top workers' comp firms

With eight offices across the Eastern Seaboard, The MEMIC Group holds licenses to write workers' compensation across the country and is rated "A" (Excellent) by A.M. Best. MEMIC insures more than 20,000 employers and their estimated 300,000 employees, and holds more than $1.3 billion in assets.

The workers' compensation study leveraged ACORD's U.S. Property and Casualty Value Creator Study and examined the top 50 workers' compensation writers in the U.S. These top 50 account for 85% of U.S. workers' compensation premiums and the insurers generate annual premiums ranging from $200 million to $4 billion.

The results showed that top performing workers' compensation carriers simultaneously pursued four key strategies: 1) operational efficiency; 2) customer experience; 3) product differentiation; and 4) innovation.

More results of the workers' compensation study, including additional analysis, will be released in a paper published later this year.

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