MEMIC, a workers’ compensation company based in Portland, has been named the best workers’ compensation company in America, according to a New York nonprofit that analyzes the performance of carriers in the industry.

A study of the $48 billion workers’ compensation market by ACORD, which sets insurance standards and best practices, examined the top 50 workers’ compensation writers in the country. It found that MEMIC came out on top based on strong financial performance as well as measurable, superior capabilities in customer experience, employee satisfaction and brand reputation, according to a statement from MEMIC.

“Given MEMIC’s significant contribution to workers’ compensation in Maine and their strong reputation in the insurance industry, it’s admirable that they not only grew faster than the market but also had materially better financial performance,” said Bill Pieroni, president and CEO of ACORD. “This is a first and we applaud everyone at their organization for their respective contributions.”

The ACORD results showed that top performing workers’ compensation carriers simultaneously pursued four key strategies – operational efficiency, customer experience, product differentiation and innovation.

MEMIC insures more than 20,000 employers and their estimated 300,000 employees, and holds more than $1.3 billion in assets.

In December, MEMIC awarded $100 to each of its 400 local employees to be used as a charitable donation of the employee’s choice.

In October, about 18,000 employers who get their workers’ compensation insurance through MEMIC shared in a $21 million dividend for improving their safety records.

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