The MEMIC Group, a workers’ compensation insurer, has purchased the Vermont-based insurer Granite Manufacturers Mutual Insurance Company.

The acquired company, which will be renamed as MEMIC Casualty Company, will operate under the parent brand MEMIC as part of The MEMIC Group.

MEMIC president and CEO John Leonard said that the addition of MEMIC Casualty will help them implement their growth strategies in the Eastern US.

"This acquisition is a great opportunity, and gives agents even more options when they look to place business with MEMIC. We’re excited about the prospects for this new subsidiary," Leonard added.

The MEMIC group also plans to expand its operations in Pennsylvania and New Jersey in 2012.