MEMIC Announces $17 Million 2021 Dividend for Maine Policyholders
(Portland, ME) – The Board of Directors of MEMIC has authorized the distribution of a $17 million dividend to more than 14,000 eligible employers. The 2021 MEMIC dividend brings the total amount of capital and dividend declarations for Maine policyholders to $316 million since 1998.
“This dividend for current Maine policyholders is just another way we fulfill our mission to make workers’ comp work better,” The MEMIC Group President and CEO Michael P. Bourque said. “It represents about 12 percent of the earned premium in 2018 and is the 10th consecutive year for a double-digit distribution.”
“Had Maine employers not been diligent in following state CDC guidance, this dividend might not have been as large. I truly applaud them and the state’s leadership in effectively communicating and taking difficult measures to keep us all as safe as possible during this historic pandemic,” Bourque said. “As a mutual insurance company owned and governed by our policyholders, we truly understand that we’re all in this together.”
The average dividend for Maine employers will be $1,180 and more than two dozen policyholders will receive checks greater than $40,000. Checks are expected to be mailed to eligible Maine employers in early November, Bourque said.
“What’s especially nice when we distribute a dividend is that the money will end up in the private, public and nonprofit sectors in all 16 counties,” he said. “Ultimately, that money is a reminder that safety really does pay dividends.”
The MEMIC dividend is not guaranteed as it is contingent upon safety results, effective injury management and efficient operations of the company, as well as investment and bond market performance. The company reviews these factors annually to determine if a dividend is appropriate.
MEMIC’s strong financial status was affirmed earlier in 2021 with an “A” (excellent) rating by industry analyst A.M. Best.
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. The MEMIC Group holds licenses to write workers’ compensation across the entire country. The group insures and serves more than 20,000 employers and their estimated 300,000 employees with dedicated safety and injury management service teams from Maine to Florida.