- Associated Press - Thursday, December 15, 2016

PORTLAND, Maine (AP) - The longtime leader of an insurance company widely credited with saving Maine’s workers’ compensation insurance market is retiring.

John Leonard has been The MEMIC Group’s only president and CEO. The Portland Press Herald reports (https://bit.ly/2gCZm7Q ) he plans to retire in September 2017.

Leonard was recruited to help start the workers’ compensation insurer in 1993. Maine had some of the highest workers’ compensation insurance rates in the country and insurers wouldn’t provide coverage.

By 1998, the public-private partnership had reduced lost-time injuries of Maine workers by 30 percent. Workers’ compensation insurance costs also fell by 40 percent.

Leonard says he wants to remain involved in the industry through various boards of directors. He also wants to spend time with his grandchildren.

MEMIC has formed a committee to search for his successor.

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Information from: Portland Press Herald, https://www.pressherald.com

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