Acquisition to position MEMIC as third largest multi-state workers’ compensation specialist
PORTLAND — Workers’ compensation specialist The MEMIC Group, led by parent company Maine Employers’ Mutual Insurance Company, has entered into an agreement to acquire The Dakota Group®, including Risk Administration Services, Inc. and its four affiliated insurance services companies.
The combining of the companies will make The MEMIC Group the third largest multi-state workers’ compensation specialist in the U.S. with estimated combined 2025 writings of more than $600 million and coverage for more than 25,000 employers nationwide. Both The MEMIC Group and The Dakota Group are rated A (Excellent) by A.M. Best.
This acquisition includes the purchase of The Dakota Group’s subsidiary-affiliated service companies, including OHARA LLC, TLC Advantage LLC and Precision Bill Review LLC. Together, these entities provide both insurance coverage and cost-containment services, such as case management, PPO networks and medical bill review, to a broad client base across the Midwest.
The transaction also includes Risk Administration Services, Inc., which serves as attorney-in-fact to the reciprocal insurer Dakota Truck Underwriters, as well as a controlling interest in First Dakota Indemnity Company, which is managed by RAS.
The transaction is subject to regulatory approval and is expected to be finalized in early January 2026. Aon Securities LLC is serving as financial advisor, and Pierce Atwood LLP is serving as legal counsel to The MEMIC Group on this transaction. Keefe, Bruyette & Woods, a Stifel Company, is serving as financial advisor, and Troutman Pepper Locke LLP is serving as legal counsel to The Dakota Group on this transaction.
This acquisition is an important strategic step to expand The MEMIC Group’s national footprint, strengthen its operational capabilities, and advance its mission to make workers’ compensation work better for employers and employees alike.
“The Dakota Group’s strong regional brand, accomplished leadership, and consistent recognition as a Ward’s Top 50 performer since 2020 make these companies a strategic match for The MEMIC Group’s mission and values,” said Michael Bourque, president and CEO of The MEMIC Group. “The companies complement each other perfectly and will position us to be able to compete nationally with our special brand of customer-focused workers’ compensation.”
With a significant presence in the upper Midwest, The Dakota Group has a strong and growing market share in workers’ compensation that aligns well with The MEMIC Group’s growth along the Eastern seaboard.
The Dakota Group brings an expansive presence and a long-standing record of underwriting excellence. It is the leading voluntary workers’ compensation writer in South Dakota and a Top 15 writer in Minnesota, Iowa, Kansas and Nebraska.
“For more than 35 years, RAS Companies has been committed to protecting workers and supporting businesses across the Midwest. Joining forces with MEMIC opens an exciting new chapter for our company. MEMIC’s deep expertise in workers’ compensation and its alignment with our core values and mission make this partnership a natural fit. Together, we have an incredible opportunity to combine our strengths, innovate, and deliver even greater value to the customers and partners who rely on us every day.” said Richard Johnson, president and CEO of The Dakota Group.