MEMIC $10 Million Tour to Deliver Checks to Maine Employers
PORTLAND, ME, November 16, 2009 – Maine-based workers' compensation insurer MEMIC has sent checks totaling $10 million to approximately 20,000 Maine employers this week.
The checks are attributed to the company's annual dividend which has helped put $109 million back in the hands of the company's policyholders since 1998.
While many of the checks will be delivered via the U.S. mail, a select few will be delivered by a special team called "The MEMIC 10 Million Dollar Tour." The team's deliveries will be recorded for use in a radio advertising campaign that begins the week of November 16. In addition to the radio campaign, the MEMIC 10 Million Dollar Tour will report on its deliveries via social media websites Facebook and Twitter.
"Our dividend is clearly good news for Maine employers," said MEMIC President and CEO John T. Leonard. "And we could all use a little good news right now, so we're putting a team on the street to spread some cheer and to remind employers that their continuing efforts in workplace safety help us to provide this annual dividend."
The company's Board of Directors voted at its quarterly meeting in September to grant this year's dividend. The dividend is being paid on the financial results from the 2006 policy year. Employers who held policies with MEMIC for a full year, with a term beginning in 2006, will be eligible to receive the dividend. The checks range from $10 to as much as $130,000 -- based upon paid premium in 2006.
"For many of our customers, this check will be close to 10 percent of what they are paying for workers' compensation this year," said Leonard. "That is on top of a rate reduction that amounted to an average 7.6 percent decrease as well as other discounts that only MEMIC offers such as our credit for customer loyalty or the special credit small employers get for being injury-free."
Since MEMIC was established in 1993, lost-time injuries are down by about 30 percent while rates for workers' comp insurance are down by more than 40 percent in Maine.
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Specializing in workers' compensation insurance, MEMIC insures more than 20,000 employers and their estimated 200,000 employees. Based in the Northeast, MEMIC is the leading workers' compensation insurer in Maine through Maine Employers Mutual Insurance Company which is rated A (Excellent) by A.M. Best. The company is the parent of MEMIC Indemnity Company, rated A (Excellent) by A.M. Best, with offices in Manchester, NH; Glastonbury, CT; and Albany, NY. MEMIC Indemnity Company is licensed to write workers' compensation in 45 states plus the District of Columbia.