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Updated: June 3, 2024

Credit rating outlook for MEMIC Group is on the upswing

MEMIC's president and CEO is Michael Bourque. File Photo / Kevin Brusie Photography Michael Bourque is president and CEO of the MEMIC Group, a Portland-based workers’ compensation insurance company.

The MEMIC Group, a workers' compensation insurer headquartered in Portland, has received a boost in its business outlook from global credit rating agency A.M. Best.

The agency revised the outlook from negative to stable, and affirmed the financial strength rating of A (excellent) and the long-term issuer credit ratings of excellent, for Maine Employers’ Mutual Insurance Co. and its subsidiaries, MEMIC Indemnity Co. and MEMIC Casualty Co., both of Manchester, N.H.

All three companies collectively are referred to as MEMIC Group.

A.M. Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. 

The credit ratings reflect MEMIC Group’s balance sheet strength, which A.M. Best assessed as “very strong,” as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

The revision of the outlooks to stable from negative reflected MEMIC Group’s “demonstrated sustainability in improved operating results that compare more favorably with A.M. Best’s workers’ compensation composite,” the agency said.

“The MEMIC Group implemented several initiatives toward its underwriting strategy, aiming to achieve an underwriting profit across all entities and obtain adequate pricing across the entire book of business. These efforts have resulted in a significant reduction to the group’s combined ratio and 2023 marked its most profitable underwriting performance in 10 years.”

The results benefited from premium growth and reduction in policyholder dividends in 2022 and 2023. 

“Additionally, MEMIC Group’s stronger pre-tax operating income was enhanced by robust investment returns in the past two years,” the agency said.

MEMIC is well-positioned for further premium growth, the agency said.

Established 1993, MEMIC today insures and serves more than 20,000 employers and their estimated 300,000 employees with safety and injury management service teams from Maine to Florida.

 By 2022, the company had issued more than $333 million in dividends and capital return to its policyholders, including double-digit dividends for 11 years running.

The MEMIC Group has assets of more than $1.4 billion.

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