[Congressional Record (Bound Edition), Volume 153 (2007), Part 25]
[Senate]
[Page 33845]
[From the U.S. Government Publishing Office, www.gpo.gov]




                  MAINE MUTUAL GROUP INSURANCE COMPANY

 Ms. SNOWE. Mr. President, today I recognize Maine Mutual Group 
Insurance Company, MMG, a premier regional property and casualty 
insurance company that continues to grow and flourish. I am 
particularly pleased that MMG recently completed a major expansion of 
its headquarters this October.
  Like many American success stories, MMG has humble roots. The company 
was founded in Houlton, ME, in 1897, by a group of local farmers who 
were concerned about the cost and limited availability of insurance in 
Aroostook County. In 1906, the company moved to Presque Isle, where it 
remains today. In 1968, the company changed its name when it merged 
with Maine Mutual Fire Insurance Company. It subsequently merged with 
United Mutual Insurance Company 10 years later. The company grew 
exponentially following these mergers, from a premium volume of under 
$1 million in 1968, to over $20 million by 1988, and over $107 million 
by 2006.
  Evolving from a modest local business to a regional force, MMG 
expanded into Vermont in 1981, New Hampshire in 1984, and Pennsylvania 
in 2006. In March 2002, the company restructured as a mutual holding 
company and adopted its present name. By 2006, MMG's policyholder 
surplus reached a record high of $55.9 million, a 127-percent increase 
over the previous 5 years. And all the while, the company maintained 
its presence in Maine's northernmost county, Aroostook County, or ``the 
County'' as Mainers know it. The County finds itself hundreds of miles 
from urban and financial centers, and the fact that MMG remains in 
Aroostook County speaks volumes to its commitment to the community and 
people of this rural county.
  Two months ago, MMG completed a $5 million expansion of its 
headquarters in Presque Isle, adding 20,000 square feet to the facility 
and creating an additional 50 jobs. Anticipating further growth, the 
new headquarters can accommodate about 200 employees. The phenomenal 
growth is first and foremost attributable to the hard work ethic of the 
people in northern Maine and the company's outstanding leadership.
  Additionally, in order to continue to grow its business, the company 
must retain additional investment, and thankfully, through the new 
markets tax credit, NMTC, Coastal Enterprises of Wiscasset, ME, will 
soon be enabled to make a sizeable investment in this company. The new 
markets tax credit program continues to promote investment and economic 
growth for rural communities throughout Maine. And that is why as a 
member of the Senate Committee on Finance, I fought for and 
successfully secured an extension of the NMTC through the end of 2008 
to ensure this pivotal program wouldn't just expire at the end of this 
year--but continue. I am not stopping there, and I am in the process of 
fighting for another extension. The credit's impact on our State cannot 
be overstated. This expansion alone of a progressive, regional company 
in Maine Mutual Group reinforces the value and power of the New Markets 
Tax Credit in strengthening our communities, exemplifying the best that 
public-private cooperation can offer.
  Maine Mutual Group's numerous achievements have not gone unnoticed. 
In 1991, the firm gained the Governor's Award for Business Excellence. 
More recently, MMG garnered the Maine Insurance Company of the Year 
Award in 2000 and 2005, and the New Hampshire Insurance Company of the 
Year Award in 2004. With all insurance companies operating within those 
States being eligible for the awards, it is particularly impressive 
that MMG bested larger national competitors several times over the last 
decade.
  In 2007, MMG was rated the top performer on Deep Customer Connections 
Inc.'s Ease of Doing Business survey. In this survey, more than 8,000 
independent agents and brokers assessed the performance of over 220 
property and casualty carriers, by comparing them in areas such as 
underwriting responsiveness and promptness in handling claims, as well 
as providing effective technology. In addition, MMG was ranked the 
number one medium-sized company in Maine on the ``Best Places to Work 
in Maine'' list this year.
  I congratulate MMG on a job well done, and I look forward to watching 
its bright future unfold. As MMG continues building on recent 
achievements, it is well positioned to pursue new market opportunities 
in the years ahead. MMG is truly a valued member of our business 
community, and I am honored that it has served Maine so well.

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