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PORTLAND, Maine—Workers compensation insurer The MEMIC Group has acquired a dormant insurer as a vehicle to expand its East Coast presence, a company spokesman said.
Portland, Maine-based MEMIC announced the purchase of Granite Manufacturers Mutual Insurance Co. on Tuesday. MEMIC said the purchase will expand its presence into Vermont, and that it plans to open offices in New Jersey and Pennsylvania during 2012.
MEMIC purchased Granite Manufacturers Mutual from Vermont insurance regulators, the spokesman said. MEMIC will change Granite Manufacturers' name to MEMIC Casualty Co.
“The addition of MEMIC Casualty will help us implement our growth strategies in the Eastern U.S.,” said John T. Leonard, MEMIC president and CEO. “This acquisition is a great opportunity, and gives agents even more options when they look to place business with MEMIC. We're excited about the prospects for this new subsidiary.”
The spokesman also said MEMIC will write about $180 million in workers comp premiums by the end of 2012. About $125 million of that will come from Maine employers, where it operates Maine Employers' Mutual Insurance Co.