Sept. 19, 2025

The Dakota Group, which includes Risk Administration Services Inc. in Sioux Falls, is proposed to be acquired by a Maine-based workers’ compensation specialist insurance company.

The MEMIC Group, led by parent company Maine Employers’ Mutual Insurance Co., has entered into an agreement to acquire The Dakota Group, including RAS and its four affiliated insurance services companies.

The combining of the companies will make The MEMIC Group the third-largest multistate workers’ compensation specialist in the U.S. with an estimated combined 2025 writings of more than $600 million and coverage for more than 25,000 businesses nationwide.

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 Co., which is managed by RAS.

The transaction is subject to regulatory approval and is expected to be finalized in early January 2026.

The acquisition is a 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 company said.

“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,” Michael Bourque, MEMIC president and CEO, said 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 Dakota Group is the largest voluntary workers’ compensation writer in South Dakota and a top 15 writer in Minnesota, Iowa, Nebraska and Kansas.

“For more than 35 years, RAS Cos. has been committed to protecting workers and supporting businesses across the Midwest,” president and CEO Richard Johnson said in a statement.

“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.”

RAS is an original tenant-owner from when Cherapa Place opened in the mid-2000s. It continues to have its office there, with 90 employees on-site, plus about 130 others who could come in occasionally from remote locations.