Maine employers to receive $22 million in MEMIC dividends; the largest dividend in MEMIC’s 25 year history
PORTLAND, ME, October 2, 2018 — More than 17,000 Maine employers will receive a record $22 million in dividends this November from The MEMIC Group, the state’s leading workers’ compensation insurer. The board of directors authorized the MEMIC policyholder dividend at its September 28th meeting.
“With this record dividend, MEMIC will have returned more than a quarter billion dollars to Maine employers since 1998,” said MEMIC President and CEO Michael Bourque. “This is our favorite time of the year as it celebrates a lot of hard work by employers and employees who work safely and get those who are injured back to work.”
“This money will be delivered to employers in all sixteen counties and will help boost the Maine economy. As we have been told, this money often is used for expansions, safety enhancements, debt reduction, new hires, wages, benefits and every other aspect of running a safe and successful enterprise.”
As MEMIC is a mutual insurance company, eligible Maine policyholders may share in the financial success. With this most recent dividend, MEMIC will have returned more than $263 million to policyholders over the past 20 years. The dividend is not guaranteed as it is contingent upon safety results, effective injury management and efficient management of the company, as well as investment and bond market performance. The $22 million represents nearly 15 percent of premium paid for policies issued in 2015, the qualifying year for the dividend declaration. Checks as large as $290,000 will be delivered in November depending on the amount of premium an employer paid in 2015.
Bourque also said, “In 2018, MEMIC is celebrating its 25th anniversary as well as its designation by ACORD as the top workers’ compensation insurance company in the U.S. This record dividend is icing on the cake.”
The MEMIC Group includes MEMIC Indemnity Company, MEMIC Casualty Company, and parent company Maine Employers’ Mutual Insurance Company; all rated “A” (Excellent) by A.M. Best. As a super-regional workers’ compensation specialty insurer, The MEMIC Group holds licenses to write workers’ compensation across the country. The group insures more than 20,000 employers and their estimated 300,000 employees, and holds more than $1.3 billion in assets. The group maintains offices in Manchester, NH; Glastonbury, CT; Albany, NY; Weehawken, NJ; West Conshohocken, PA; Tysons Corner, VA; and Tampa, FL; in addition to its headquarters in Portland, ME.