A.M. Best affirms financial strength of The MEMIC Group
Courtesy / The MEMIC Group
John Leonard, president and CEO of The MEMIC Group since its founding in 1993. A.M. Best has affirmed the workers' compensation insurer's rating at "A."
A.M. Best has affirmed its “A” (excellent) rating for the Portland-based workers’ compensation insurer The MEMIC Group, which includes Maine Employers’ Mutual Insurance Company, MEMIC Indemnity Co. and MEMIC Casualty Co.
As the insurance industry’s most respected rating organization, A.M. Best acknowledged in its annual review The MEMIC Group’s experienced management team, conservative operating philosophy and excellent reputation among policyholders for its high level of service. According to A.M. Best, the ratings reflect The MEMIC Group’s “demonstrated underwriting principles, conservative investment policy, aggressive claims management practices and firm commitment to loss control and in-depth safety education and training services.”
In 2016, The MEMIC Group wrote more than $340 million in premium, a growth of 11% from 2015 and part of a 70% increase over the past five years. That record year was immediately followed by a record first quarter in 2017.
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