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W W W. M A I N E B I Z . B I Z 21 A P R I L 3 , 2 0 2 3 B A N K I N G / F I N A N C E / I N S U R A N C E Covering more small businesses In Portland, the MEMIC Group has plans to insure more small businesses outside of Maine. MEMIC is a Portland-based work- ers compensation insurance company that includes MEMIC Indemnity Co., MEMIC Casualty Co. and parent company Maine Employers' Mutual Insurance Co. MEMIC provides insurance in 46 states and covers a total of more than 22,000 employers and an estimated 300,000 employees. "We've done business outside of Maine for over 20 years now and have grown significantly, but more in medium- and larger-size businesses," said MEMIC's president and CEO, Michael Bourque. Most small businesses have infre- quent worker compensation claims, so they haven't had a reason to con- sult with insurance specialists and might not understanding its intrica- cies, he said. "In many ways, having a special- ist is even more important as a small business," said Bourque. "Knowing that we've been successful in Maine, we decided to look beyond Maine and offer that small business product." e small business product is called MEMIC Express. "We plan to grow MEMIC Express by 17% this year, but we're at 27% year-over-year growth as the first quarter wraps up," said Bourque. Across the group, MEMIC had just over $400 million in total premi- ums in 2022 and expects to grow total revenue by 5% in 2023. MEMIC has 500 employees, a slight rise from 2019. Just over 300 are Maine. Others operate in regional offices in Manchester, N.H., Albany, N.Y., Glastonbury, Conn., and Tampa, Fla., or they work remotely. Before 2020, MEMIC had two additional locations — in Weehawken, N.J., and Tyson's Corner, Va. — but decided not to reopen them because employees were happy telecommuting. Let us help you write your next chapter. 1.888.725.2207 norwaysavings.bank For the life you choose. At Norway Savings Asset Management Group, it's not necessarily the size of your nest egg we care about — it's the story behind it. Your planning decisions — while rooted in investments — are a reflection of your values and your future. They're about the choices you've made to get here, and your vision for what comes next. We take the responsibility of safeguarding your investments incredibly seriously. We make sure your story lives on. N ot F DIC I n su red • N o B a n k G ua ra ntee • M ay Lose Va lue C O N T I N U E D O N F O L L OW I N G PA G E » F O C U S Michael Bourque, president and CEO of MEMIC, a Portland-based workers compensation insurance company, said the company has plans to insure more small businesses outside of Maine. P H O T O / K E V I N B R U S I E P H O T O G R A P H Y Knowing that we've been successful in Maine, we decided to look beyond Maine and offer that small business product. — Michael Bourque MEMIC

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