The acquisition positions the Portland-based insurer as the nation’s third-largest multi-state workers’ compensation specialist.
MEMIC Group has completed its acquisition of the South Dakota-based Dakota Group, a move that positions the Portland-based insurer as the nation’s third-largest multi-state workers’ compensation specialist.
The acquisition, which includes Risk Administrative Services Inc. and its affiliated service companies, expands MEMIC’s footprint to an estimated $600 million in combined written premiums in 2025 and coverage for more than 25,000 employers nationwide.
“This is an exciting moment,” said Michael Bourque, MEMIC’s president and CEO. “By acquiring the Dakota Group, we extend our footprint with complementary market territory and increase our impact to the Upper Midwest and the Great Plains.
“The Dakota Group is a very well-run organization whose DNA in workers’ compensation insurance is a close match with us,” he added. “Together, we have enhanced resources and broader expertise that will help us better serve agents and policyholders across the U.S."
Financial terms of the deal, announced in
September, were not disclosed.
When the Maine Employers’ Mutual Insurance Co. was founded in 1993, it was one of only four companies licensed to sell workers’ compensation insurance in Maine, with the other three poised to exit the state altogether, according to MEMIC’s website.
Today, MEMIC is licensed to write workers’ compensation coverage across all 50 states and will finish 2025 with over $440 million in direct written premiums.
