SOURCE: MEMIC

October 03, 2007 09:52 ET

MEMIC Adds Licenses in Rhode Island, Virginia, North Carolina and Colorado; 42 States Covered

PORTLAND, ME--(Marketwire - October 3, 2007) - MEMIC Indemnity Company, a member of The MEMIC Group, has recently earned authorization to write workers' compensation insurance in Rhode Island, North Carolina, Virginia and Colorado.

The MEMIC Group can now offer workers' compensation coverage to employers in 42 states.

"The interest in our product doesn't stop at any particular state line," said MEMIC President and CEO John T. Leonard. "We set out to offer coverage across the country and we're nearly there."

While the company's focus remains the Northeastern U.S., Leonard said that he has heard from insurance agents and potential policyholders who know MEMIC's reputation as a first-rate workers' compensation specialist. "They are looking for a company that offers the kind of safety service and claims management that we do," he said. "These new states open up the possibility for us to serve a broader range of customers in the future."

The MEMIC Group, rated "A" (Excellent) by A.M. Best, can now offer coverage down the Eastern Seaboard from Maine to Virginia. The group's northeast focus, which includes offices in Portland, ME; Manchester, NH; Glastonbury, CT; and Albany, NY, has helped make it one of the top 50 writers of workers' compensation in the U.S.

The company has already begun to ally with agents in Rhode Island while it is still making plans for its efforts in Virginia, North Carolina and Colorado. MEMIC's current growth plans are concentrated in Connecticut and New York.

With 42 states covered, the company is working to get authorization in California and it will also make application to West Virginia in 2008 when that market opens for competition.

About The MEMIC Group

Maine Employers' Mutual Insurance Company (MEMIC), based in Portland, Maine, is Maine's largest and leading workers' compensation insurer, providing coverage to more than 21,000 Maine employers and their estimated 170,000 employees. The company is rated "A" (Excellent) by A.M. Best. More information can be found at www.memic.com.

MEMIC Indemnity Company, based in Manchester, NH, is a wholly owned subsidiary of MEMIC. It is licensed to write workers' compensation policies in more than 40 states. It is rated "A-" (Excellent) by A.M. Best.

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