MEMIC

What MEMIC does

MEMIC (Maine Employers' Mutual Insurance Company) is a Portland, Maine-based, policyholder-owned mutual insurance company founded in 1993 that specializes exclusively in U.S. workers' compensation coverage. The company writes workers' compensation policies for employers across 46 states, insuring more than 20,000 policyholder employers and an estimated 300,000 employees, and holds an A.M. Best "A" (Excellent) financial strength rating across all MEMIC Group entities (MEMIC Indemnity Company, MEMIC Casualty Company, and the parent mutual). MEMIC also offers a small add-on product line including MEMIC EPLI (Employment Practices Liability Insurance) and bundles its policies with workplace safety services: 24/7 injury triage (First Call 855-778-6111), a web-based Safety Director platform (with Safety.BLR.com and HR.BLR.com access), a First Report of Injury (FROI) portal, on-site safety consultants, workshops, webinars, the Safety Experts Podcast, and the Safety Net Blog.

MEMIC's go-to-market is dual-pronged: it distributes workers' compensation exclusively through independent insurance agents (supported by a dedicated QuickComp quoting and account-management portal), while also providing direct digital self-service to existing employer policyholders for bill payment, policy management, and injury reporting. Revenue is generated primarily through annual workers' compensation premiums (recurring, risk-based, billed annually) supplemented by investment income on policyholder premium float and ancillary safety services. Recent strategic activity includes the September 2025 acquisition of Risk Administration Services, a December 2025 $70 million surplus notes issuance rated BBB+ by AM Best, and the announced January 2026 acquisition of the Dakota Group (pending regulatory approval), all of which signal an inflection toward inorganic national expansion.

Name

MEMIC

Legal name

Maine Employers' Mutual Insurance Company

Website

https://www.memic.com/

Company type

Private

Founded year

1993

Operating status

Operating

Headcount range

101–250 employees

Short description

MEMIC is a Maine-founded (1993) mutual workers' compensation insurance carrier serving 20,000+ employers and roughly 300,000 employees across 46 U.S. states, distributing exclusively through independent agents and bundling coverage with workplace safety services, injury triage, and EPLI.

Ownership category

akta.pro rank

Product category

Workers' Compensation Insurance

NAICS

Insurance Agencies and Brokerages (524210), Agencies, Brokerages, and Other Insurance Related Activities (5242)

SIC

Insurance Agents, Brokers & Service (6411), Accident & Health Insurance (6321)

akta.pro primary industry

Application Maintenance & Support (AMS) (BPAEAFAC)

Keywords

• Workers compensation insurance
• Workplace safety services
• Injury management
• Employment practices liability
• Mutual insurance company

Headquarters

HQ city

Portland

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Workers' Compensation Insurance Premiums: MEMIC generates revenue through premiums collected from policyholders for workers' compensation insurance coverage. As a mutual insurance company, policyholders are members who share in the company's success.
2. Safety Services and Consultations: MEMIC provides workplace safety consulting, workshops, webinars, and resources as part of their service offering to policyholders, supporting their core insurance product.
3. Financial Investments and Surplus Notes: Revenue generated from investment of policyholder premiums and surplus, with $70 million surplus notes issued to support acquisition activities.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels7 records

Core offering

MEMIC is a workers' compensation insurance specialist that provides employers with workers' comp coverage across 46 states, supported by integrated workplace safety consulting, injury management, and return-to-work programs. Its offerings are distributed through independent insurance agents and complemented by the MEMIC EPLI (Employment Practices Liability Insurance) add-on, a 24/7 injury triage hotline, and the Safety Director web platform for safety resources.

Product overview

MEMIC is a workers' compensation insurance specialist offering a unified insurance platform with integrated safety services. The core product is workers' compensation insurance policies sold through independent agents, supplemented by MEMIC EPLI (Employment Practices Liability Insurance) add-on coverage. Key service platforms include Safety Director (web-based safety management tool), QuickComp (agent portal), and the First Call 24/7 Injury Triage service. MEMIC provides value-added programs including The MEMIC Awards recognition program, Horizon Scholarship, Safety Experts Podcast, Safety Net Blog, and Safety Consultants. The company serves over 20,000 employers across 46 states with coverage from Maine to Florida.

Differentiator

Problem solved

Functional benefit

Products and services

• Workers' Compensation Insurance MEMIC's primary offering, providing workers' compensation insurance policies to employers with coverage available across 46 states, including integrated claims management, return-to-work support, and workplace safety services.
• MEMIC EPLI (Employment Practices Liability Insurance) Employment Practices Liability Insurance product covering employers against claims related to wrongful termination, discrimination, harassment, and other employment-related lawsuits, offered as an add-on to MEMIC workers' comp policies.
• Safety Director Web-based safety management tool providing MEMIC policyholders with access to Safety.BLR.com and HR.BLR.com resources, a digital library of safety documents, training materials, and advisory content to support workplace safety programs.
• QuickComp Online portal dedicated to independent insurance agents for managing MEMIC workers' compensation policies, submitting new business, and servicing client accounts.
• First Call 24/7 Injury Triage 24/7 injury triage hotline (855-778-6111) providing policyholders with immediate guidance and reporting when workplace injuries occur, facilitating timely reporting and appropriate medical care routing.
• First Report of Injury (FROI) Portal Online portal allowing MEMIC-insured employers to submit first report of injury documentation electronically, enabling efficient claims initiation and supporting injury management workflows.
• Safety Workshops & Webinars Safety training programs for policyholders including 10-Hour Construction Industry Outreach Training, Safe Patient/Resident Handling workshops, confined space training, and other workplace safety topics delivered through in-person workshops and webinars.
• Horizon Scholarship Educational scholarship program for workers insured by MEMIC, supporting career development and workforce advancement opportunities.

Quantifiable outcome

• 20,000+ employers served across 46 states
• +2 more outcomes

Named customers13 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Two partnerships are on record, tiered major and core.

• Dakota GroupmajorStrategic or Co-development Partner · 1 January 2026MEMIC announced planned acquisition of the Dakota Group in January 2026, pending regulatory approval. The $70 million surplus notes issuance is specifically aimed at supporting this acquisition.
• AM BestcoreOthers · 10 December 2025AM Best is a credit rating agency that assigned a 'bbb+' long-term issue credit rating to MEMIC's $70 million surplus notes. This rating supports the company's financial standing and facilitates strategic acquisitions like the Dakota Group.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Employers Holdings (EIG): Workers' compensation insurance holding company focused on small and mid-sized employers. Directly comparable to MEMIC's SMB employer focus, multi-state licensing, and WC-only product set.
• AmTrust Financial Services: One of the largest dedicated workers' compensation and small commercial insurance carriers in the U.S. Closely comparable to MEMIC as a single-line WC specialist with multi-state reach and heavy reliance on agency distribution.
• Accident Fund Holdings: Workers' compensation insurance holding company writing across multiple states. Directly comparable to MEMIC as a WC-focused carrier competing for the same mid-market employer accounts.
• Zenith Insurance: California-originated workers' compensation specialist that has expanded nationally. Comparable to MEMIC as a multi-state WC-only carrier with employer-safety service offerings.
• Sentry Insurance: Mutual insurance group with a strong workers' compensation and business owners' focus. Closely comparable to MEMIC's mutual ownership structure, mid-market employer focus, and regional-to-national growth path.
• Berkshire Hathaway Homestate Companies: Workers' compensation specialist within Berkshire Hathaway's insurance group. Comparable to MEMIC for its exclusive WC focus and multi-state underwriting footprint.

Broad incumbents

• Travelers: Major U.S. property & casualty insurer with a sizable workers' compensation book. Comparable to MEMIC as a competitor in mid-market WC but operates a much broader P&C portfolio.
• The Hartford: Large multi-line insurance carrier with a significant workers' compensation franchise in the small and mid-market segment. Overlaps with MEMIC on WC products and agent-driven distribution but operates across many lines.
• Chubb: Global multi-line P&C carrier with a U.S. workers' compensation offering for mid-market and larger accounts. Overlaps with MEMIC on WC but serves broader commercial customers across many insurance lines.

Regional players

• Builders (a mutual insurance company): Regional mutual workers' compensation carrier concentrated in the Southeast and Mid-Atlantic construction sector. Comparable to MEMIC as a mutual WC specialist but with a more concentrated geographic and industry focus.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks7 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/MEMICnews
• LinkedInlinkedin.com/company/memic
• Instagraminstagram.com/teammemic
• Xx.com/MEMICnews

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries2 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MEMIC