MEMIC Elevates Fongemie to Top Financial Role

Portland, ME (WorkersCompensation.com) - The MEMIC Group Board of Directors has approved the appointment of Eileen Moran Fongemie to the position of Senior Vice President and Chief Financial Officer, effective May 1.

Fongemie, who becomes only the third Chief Financial Officer in MEMIC history, will also assume the role of corporate Treasurer.

MEMIC Group President and CEO Michael Bourque said he was excited the Board of Directors unanimously accepted his nomination of Fongemie, saying she has “broad knowledge of the organization and of all the important financial aspects of the job.”

Fongemie joined MEMIC in 2007 and has served as Vice President, Finance, since 2016. Bourque said she helped guide the company through an impressive growth trajectory and has been “a key contributor to MEMIC’s transformation into a super-regional workers’ compensation insurer.”

 A well-credentialled professional, Fongemie is a Certified Public Accountant (CPA) and has earned her Chartered Property Casualty Underwriter (CPCU) and Workers’ Compensation Professional (WCP) designations.

She currently serves on the MEMIC Retirement Advisory Committee, the Connecticut Insurance Guarantee Fund Board of Directors, and the Massachusetts Insurers Insolvency Fund Board of Directors as well the Audit Committees of Guaranty Fund Management Services, the Vermont Property & Casualty Insurance Guaranty Association, the District of Columbia Insurance Guaranty Association, and the New Hampshire Guaranty Association. Fongemie also is former Chairwoman and member of the Finance and Investment Committee of the American Association of State Compensation Insurance Funds (AASCIF).

Fongemie rose from Senior Accountant in 2007, to Financial Reporting Manager in 2010, to Director of Finance in 2014, and to Vice President, Finance and Assistant Treasurer in 2016, responsible for planning, direction, and management of the company’s financial information under direction of the Chief Financial Officer.

Prior to MEMIC, Eileen was a Senior Financial Analyst for MaineGeneral Health and spent five years in public accounting with BerryDunn.

Fongemie succeeds Senior Vice President and Chief Financial Officer Dan McGarvey, who announced his retirement last month after 13 years with MEMIC.

“Dan and the current leadership team have built a strong foundation,” Fongemie said. “I am excited to keep the momentum going and step into the CFO role at MEMIC to help the group continue executing its strategic plan and vision, and to deliver MEMIC values to our key stakeholders.”

“Under Dan’s guidance and tutelage, Eileen has worked with our investment managers and our Board’s investment committee for several years,” Bourque said. “She has helped lead our meetings with A.M. Best over the years maintaining the company’s “A” (Excellent) rating. She also has helped put in place our well-regarded system of internal controls. Under her dedicated leadership, our company has enjoyed many years of ‘clean’ audit reports. We know we’re making a great choice in Eileen to continue our strong financial performance.”

“Dan leaves us with a talented Finance team, a strong balance sheet, and a legacy of well-articulated financial performance,” Bourque said. “When he arrived here, we were a lot smaller organization than we are today. He has seen us through impressive growth and maturity as an organization. He has been a key to our success over the last decade, and we know he will enjoy a well-earned retirement.”

A graduate of Maine Development Foundation’s Leadership Maine Baskahegan Class, Fongemie also has served as a board member and currently Treasurer for Prosperity Maine, which provides financial literacy education and scholarships for new Americans.

Fongemie is a graduate of the University of Southern Maine with a bachelor’s degree in English and has attended the Executive Program in Corporate Strategy at the University of Chicago and Introduction to Analytics at the Northeastern University Roux Institute. She lives in Scarborough, Maine, with her husband, son, and daughter.

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