MEMIC announces record $20 million dividend to Maine policyholders
PORTLAND, Maine, October 4, 2016 – Workers’ compensation specialist The MEMIC Group announced today that it will issue a record dividend of $20 million to about 18,000 Maine policyholders this November.
The amount represents approximately 15 percent of premium paid by Maine policyholders in 2013, the qualifying year for this dividend declaration, and the largest percentage of premium MEMIC has ever returned. With this declaration, the MEMIC Board of Directors has authorized the return of about $217 million to Maine policyholders since 1998. The company has now issued a dividend in each of the last 12 years and the record $20 million dividend is 54 percent more than was returned just four years ago in 2012.
“Maine employers who insure with MEMIC have earned this dividend,” said MEMIC President and CEO John T. Leonard. “We work together with our policyholders to reduce injuries through safety training and education, and to help injured workers get well and back to work promptly. It takes dedication and commitment but workplace safety really does pay dividends.”
The dividend will be paid to employers who buy their workers’ compensation insurance coverage from The MEMIC Group’s mutual company, Maine Employers’ Mutual Insurance Company, based in Portland. Checks will be delivered in November and payments will range to more than $200,000, depending on the amount of premium an employer paid in 2013.
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 $1.2 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.