Maine has approved the purchase of a Maine insurer and has licensed two new companies to be headquartered and do business in Maine, according to Bureau of Insurance Superintendent Mila Kofman.
Casco Indemnity Co., Saco, Me., has been purchased by Ohio Mutual Insurance Co. The company currently sells their products through 170 New England insurance agents. The Bureau says that the purchase will allow the company to offer new products.
As the New Year starts, the company will also see its first new company, First Maine Captive, Inc., a captive insurance company, that is an initiative of three Maine workers’ compensation group self insurers. The Bureau says that “First Maine Captive will help increase the capacity of its participating groups without incurring the cost of commercial reinsurance.”
The second new insurance company, Great Falls, Auburn, Me., will offer workers’ compensation starting this month.