MEMIC to Return $21 Million in Dividends Back to the Maine Economy
PORTLAND, ME, October 3, 2017 – Michael Bourque, president and chief executive officer of The MEMIC Group, announced today that the workers’ compensation insurance company will issue a record policyholder dividend this November of $21 million to approximately 18,000 Maine employers. The board of directors authorized the policyholder dividend at its September 29th meeting.
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, Maine. Checks as large as $200,000 will be delivered in November depending on the amount of premium an employer paid in 2014.
“The total authorized return to Maine employers since 1998 now exceeds $238 million. This money will go back into the Maine economy right where it belongs. That money will be put to use for expansion and safety enhancements, debt reduction, new hires, wages, benefits and every other aspect of running a safe and successful enterprise,” said Bourque. “What’s especially nice is that this dividend will end up in the private, public and non-profit sectors in all sixteen counties.”
As a mutual insurance company, MEMIC policyholders can share in the financial success whenever possible through lower premiums and dividends. The dividend is not guaranteed as it is contingent upon safety results, efficient management of the company, as well as investment and bond market performance.
“Maine employers who insure with MEMIC have truly earned this dividend,” said Bourque. “We work together with our policyholders to reduce injuries through safety training, engineering, and education, and to help injured workers get well and back to work as soon as possible. But they have to do the hard work to make it happen. It takes dedication and commitment but, as we like to say, workplace safety really does pay dividends.
“We also are grateful to the independent insurance agents who continue to recommend MEMIC to their customers in the knowledge that we put safety, service, and excellence as top priorities.”
The $21 million represents nearly 15 percent of the premium paid for policies issued in 2014, the qualifying year for this year’s dividend declaration.
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.