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Maine-based Workers’ Compensation Insurer to Open Offices in PA and N.J.

According to insurancenewsnet.com, the Memic Group has acquired Vermont-based Granite Manufacturers Mutual Insurance.
The purchase will allow Memic to continue its growth plan for the Eastern United States in the commercial workers’ compensation insurance market according to Memic President and Chief Executive Officer John T. Leonard.
Also, Memic said it will open offices in New Jersey and Pennsylvania in 2012. In 2010, Memic Group was the fifth-largest underwriter of workers’ compensation business in New England and was among the fastest-growing in New York.
“At a time when some companies are continuing to shrink, our Memic Indemnity Co. unit has grown by more than 25% this year,” Leonard said in a statement.
He noted the company is “getting great response” from independent agents in the mid-Atlantic states.
Insureancenewsnet.com states “Memic is a private, assessable mutual insurance company and is Maine’s largest workers’ compensation carrier, according to BestLink. The company insures more than 70% of Maine’s insured employers and maintains in excess of 60% of the state’s workers’ compensation written premium.”