In 2007 the idea of forming Great Falls Insurance Company was spawned because Maine’s small and medium sized businesses needed an alternative market for their workers’ compensation insurance program, which they have been without for more than a dozen years. Also, these businesses were usually too small to be self-insured and had only one company to go to write their mandated coverage.
In the spring of 2008 Great Falls Insurance Company filed an application with the Maine Bureau of Insurance to write only workers’ compensation insurance in the state. It was the first filing of a Maine domiciled insurance company in the last 18 years. Coincident with the filing, the Great Falls founders prepared a private placement memorandum to raise approximately $4 million to fund the start-up operations. The minimum capital required by the state to start a new casualty insurance company is $3 million of paid in capital.
In the fall of 2009 Citadel Risk Group took an interest in this new venture and agreed to support the efforts of the founders and bring Great Falls Insurance Company into reality by making a $4 million investment. It took a little over a year to work out the details with the investors and the Bureau of Insurance.
On December 30, 2010 the Bureau of Insurance granted Great Falls Insurance Company with a Certificate of Authority to write workers’ compensation insurance in Maine. So now these small and medium sized Maine businesses have an alternative company to go to and a competitive marketplace is beginning to emerge, which should help to bring down premium costs and improve workplace safety in Maine.
On February 10th we wrote our first policy in Maine and we expect to write many more with the help of our independent agents in the State of Maine.
A&M Best Rating
LINES OF COVERAGE
- Workers Compensation
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