MEM, a regional workers’ compensation insurance provider, announced it has completed a loss portfolio transfer to St. Louis-based Safety National®.
The transaction reinsures a $350 million portfolio of workers’ compensation liabilities and covers accident years 2023 and prior. The transfer is part of MEM’s transition from a state workers’ compensation insurance fund to a private mutual insurance company.
“We are proud to partner with a highly rated Missouri company on this transaction that only fortifies our financial position as we transition to a private mutual insurance company,” Roger Walleck, MEM President and CEO said.
While the liability is transferred, all of the claims in the portfolio will be handled as they have always been: by MEM’s experienced claim staff.
“Our claims care is important to us, and that’s why an in-house team of claims professionals will continue to manage the claims in this portfolio,” Walleck said.
The completion of the deal followed regulatory approvals.
“Safety National is pleased to partner with MEM by providing this loss portfolio transfer to meet their organizational needs,” said Duane Hercules, CEO at Safety National. “We will work diligently to make the transition as seamless as possible.”
Contact
- MEM: Laura Gerding, 573-499-4360
- Safety National: Christie Tucci, 314-692-9548
About MEM
MEM (formerly Missouri Employers Mutual and Previsor) is your Midwest regional workers compensation insurance partner. With 200,000 covered lives and decades of experience, we are committed to serving businesses of all sizes. Our personalized approach focuses on keeping your workplace safe, strong and productive. Learn more at mem-ins.com.
About Safety National
Safety National is a leading specialty insurance and reinsurance provider. With a rich history spanning over 80 years, Safety National offers specialized expertise, flexible program and placement design, and unique claims proficiency. Safety National is a member of the Tokio Marine Group and is rated A++ (Superior), FSC XV by A.M. Best. Learn more at www.safetynational.com.