A.M. Best affirms MEMIC rating

Credit rating agency A.M. Best has affirmed the rating of MEMIC Indemnity Company, a subsidiary of MEMIC Group of Portland, Maine, with offices in Manchester, of A, according to a release by the insurance company.According to the ratings agency, MEMIC Group, and its subsidiaries Maine Employers’ Mutual Insurance Company and MEMIC Indemnity, the affirmation of the A rating reflects the company’s “strong capitalization, historically favorable operating performance as well as its market position in Maine” as well as “the group’s experienced management team, its conservative operating philosophy and the company’s excellent reputation.””These are difficult times across many industries and the workers’ compensation industry is no different,” said John T. Leonard, MEMIC president and CEO. “With that background, it’s particularly gratifying to earn an A once again. This rating should be an indication for our many stakeholders, including our policyholders and agents, that MEMIC is a strong and well-managed organization.”Specializing in workers’ compensation insurance, MEMIC Group insures more than 20,000 employers and their estimate 200,000 employees. The company is the parent of MEMIC Indemnity Company, with offices in Manchester, and the Northeast. — CINDY KIBBE/NEW HAMPSHIRE BUSINESS REVIEW