Workers compensation specialty insurer 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 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, in a statement. “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.”

The acquisition includes the purchase of The Dakota Group’s subsidiary-affiliated service companies, including OHARA LLC, TLC Advantage LLC and Precision Bill Review LLC, which provide insurance coverage and cost-containment services such as case management and medical bill review.

The transaction also includes Risk Administration Services, Inc. (RAS), 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 MEMIC Group said the acquisition will make it the third-largest multistate 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 AM Best.

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.