Best Upgrades Maine’s MEMIC Group
The financial strength rating of Manchester, New Hampshire-based MEMIC Indemnity Co. as well as its Maine-based parent company have been upgraded by A.M. Best Co.
MEMIC Indemnity is now rated “A” (Excellent), up from a previous rating of “A-” (Excellent). Its issuer credit rating has also been upgraded from “a” from “a-” of
Concurrently, A.M. Best has affirmed the financial strength rating of “A” (Excellent) and issuer credit ratings of “a” for MEMIC Group, which includes the consolidated results of the Portland-based Maine Employers’ Mutual Insurance Co. and its wholly owned subsidiary, MEMIC Indemnity.
The outlook for all ratings is stable, according to Best, and reflects MEMIC Indemnity’s strong capitalization, improved operating results, strategic importance to the MEMIC Group as the growth vehicle for the company.
MEMIC Group is the largest workers’ comp insurer in Maine.
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Source: A.M. Best Co.
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