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Workers comp insurer the MEMIC Group announced that Michael Bourque will replace retiring President and CEO John Leonard.
Mr. Bourque, who has worked for the company for nearly 22 years, has served under Mr. Leonard most recently as senior vice president, external affairs, according to a press release issued Thursday. He joined the Portland, Maine-based insurer in 1995 as a communications specialist.
Mr. Leonard, who was hired in February 1993, announced in December that he would retire in September 2017. The company’s board undertook a search that included candidates from both inside and outside of the company before selecting 49-year-old Mr. Bourque.
Integrity and the ability to instill confidence in others “are traits Michael truly possesses and demonstrates daily,” Mr. Leonard said. “Beyond that, here at MEMIC, I think it was important to select a leader who is a real champion of the independent agency system and that is something Michael knows well. He understands the value these partners bring to our business.”
MEMIC underwrites 66% of Maine’s commercial market insurance premiums, according to the insurer.
Five Oklahoma City attorneys are asking the state’s Supreme Court to rule that the workers compensation self-insurance program operated for state employees is illegal and not financially sound.