April 30, 2008 07:35 ET

A.M. Best Affirms The MEMIC Group's "A" Ratings

PORTLAND, ME--(Marketwire - April 30, 2008) - A.M. Best has affirmed the financial strength ratings of "Excellent" for The MEMIC Group and its members, including Maine Employers' Mutual Insurance Company (MEMIC) and MEMIC Indemnity Company.

After its analysis of the companies, A.M. Best affirmed the "A" (Excellent) rating for MEMIC and for The MEMIC Group while subsidiary MEMIC Indemnity Company had its "A-" (Excellent) rating affirmed.

A.M. Best singled out MEMIC's strong capitalization, conservative operating policy, experienced management team, loyal policyholders and market position as the positive factors that attributed to the rating. It also noted the group's high-level service to policyholders that includes aggressive claims management and a firm commitment to loss control and in-depth safety education.

In Best's review of MEMIC Indemnity Company, it recognized the company's strong capitalization, strategic importance to The MEMIC Group, sound underwriting principles and management's tactical initiatives. The outlook on this rating is stable and reflects the company's solid level of risk-adjusted capitalization, parental support, and strategic business plans and projections that call for continued capital accumulation.

"We're proud to have an independent analyst as respected as A.M. Best recognize MEMIC as excellent once again," MEMIC President and CEO John T. Leonard said. "This rating affirms that we are succeeding at our strategy to provide high value to customers while maintaining an excellent balance sheet. This rating should give our current and future customers a lot of confidence in MEMIC's strength."

A.M. Best is the insurance industry's most respected benchmarking organization. Each year it performs a careful review of the thousands of insurers it rates.

--  Best's Rating Center: MEMIC Group
--  Best's Rating Center: MEMIC
--  Best's Rating Center: MEMIC Indemnity

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