Portland, Maine—The MEMIC Group announced today the successful closing of its acquisition of The Dakota Group®, including Risk Administration Services, Inc. (RAS) and its affiliated service companies. This strategic combination positions MEMIC as the third-largest multi-state workers’ compensation specialist in the United States, with estimated combined 2025 writings of more than $600 million and coverage for over 25,000 businesses nationwide. Both organizations are rated A (Excellent) by A.M. Best.
RAS is the attorney-in-fact for Dakota Truck Underwriters and, with the acquisition, has a controlling interest in First Dakota Indemnity. This acquisition also includes the purchase of The Dakota Group’s affiliated service companies. These companies provide cost-containment services, such as case management, PPO networks, and medical bill review, to a broad client base across the Midwest.
“This is an exciting moment,” said Michael Bourque, President and CEO of The MEMIC Group. “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. Together, we have enhanced resources and broader expertise that will help us better serve agent and policyholders across the US.”
“Joining forces with the MEMIC Group strengthens RAS, The Dakota Group, and our affiliates, enabling us to better meet and exceed the evolving needs of agents and customers. Exceptional customer service has been at the heart of our work for 35 years, and that commitment will only grow stronger,” said Richard Johnson, President and CEO of The Dakota Group.
The transaction includes Risk Administration Services, Inc. (RAS), which serves as attorney-in-fact to the reciprocal insurer Dakota Truck Underwriters (DTU), as well as a controlling interest in First Dakota Indemnity Company, which is managed by RAS.
Aon Securities LLC acted as financial advisor, while Pierce Atwood LLP provided legal counsel to The MEMIC Group on this transaction. Keefe, Bruyette & Woods, a Stifel Company, also served in the role of financial advisor, Trade Law PC and Troutman Pepper Locke LLP represented The Dakota Group as legal counsel.
Terms of the transaction were not disclosed.
Source: The MEMIC Group
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