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MEMIC history
MEMIC company history timeline
When MEMIC opened its doors in 1993, it was one of fewer than 10 companies who were licensed to sell workers' compensation insurance in Maine.
Since MEMIC's formation in 1993, lost-time injuries in its home state have been reduced by 50 percent.
And, while the company was under no obligation to return this capital, in 1998 it began returning this capital to its policyholders.
In 2000, MEMIC formed MEMIC Indemnity Company, a subsidiary based in Manchester, New Hampshire.
By 2001, MEMIC had approved the return of the entire amount to all eligible policyholders and then began issuing annual dividends.
In 2008, MEMIC became the first company to introduce Employment Practices Liability Insurance (EPLI) as an endorsement to its workers’ compensation policies.
In addition, the company’s roll out in 2011 of Comp-As-You-Go, a payroll-based payment method, as well as online billing, have proven popular with its policyholders.
In 2012, MEMIC introduced a partnership with Preferred Mutual Insurance Company and its agents as workers’ compensation partners.
In 2012, MEMIC acquired a Vermont-based insurer and created MEMIC Casualty Company to provide greater flexibility in pricing.
In addition to its corporate office in Portland, Maine, the group maintains offices in Manchester, NH; Glastonbury, CT; Albany, NY; Weehawken, NJ; West Conshohocken, PA; Tysons Corner, VA; and Tampa, FL. In 2016, the premium written outside of Maine exceeded its instate writings.
By 2018, the company had issued dividends and capital return of more than $263 million to its policyholders.
In 2018, ACORD (the global standards-setting body for the insurance industry) ranked MEMIC the top workers' compensation company in the United States based on strong financial performance as well as measurable, superior capabilities in customer experience, employee satisfaction and brand reputation.
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MEMIC competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Chubb | 1882 | $36.0B | 31,000 | 992 |
| The Travelers Companies | 1853 | $231.7M | 30,800 | 1,574 |
| KEMI | - | $165.5M | 163 | - |
| SAIF | 1914 | $47.0M | 50 | 1 |
| New York State Insurance Fund | 1914 | $106.8M | 2,400 | - |
| State Fund | 1914 | $24.0M | 350 | - |
| Texas Mutual Insurance | 1991 | $1.1B | 999 | 10 |
| Pinnacol Assurance | 1915 | $680.0M | 756 | 3 |
| TIG Insurance Company | 1911 | $550.0M | 750 | - |
| Preferred Employers Insurance | 1998 | $300.0M | 113 | - |
MEMIC history FAQs
Zippia gives an in-depth look into the details of MEMIC, including salaries, political affiliations, employee data, and more, in order to inform job seekers about MEMIC. The employee data is based on information from people who have self-reported their past or current employments at MEMIC. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by MEMIC. The data presented on this page does not represent the view of MEMIC and its employees or that of Zippia.
MEMIC may also be known as or be related to MEMIC, Maine Employers Mutual Insurance Company, Maine Employers' Mutual Insurance Company and Memic.