Mutual MEMIC Mails $22 Million to Maine Employers
PORTLAND, ME, November 15, 2018 — Why would a company give $22 million dollars back to its customers?
As a mutual insurance company, MEMIC is owned and governed by the employers who buy workers’ compensation policies from it. Maine Employers’ Mutual Insurance Company (MEMIC) is not a publicly traded company. Its policyholders are like its shareholders, so MEMIC shares its financial success in the form of dividends with the employers across the state that are its customers and owners.
“Being a mutual company is at the heart of what MEMIC is all about,” said MEMIC President and CEO Michael Bourque. “In fact, ‘mutual’ is our middle name. Being a mutual means we are all in this together. If everyone does their part to make workplaces safer and avoid injuries then we all succeed. Employees, employers and the Maine economy thrives.”
Since 1998, MEMIC has returned more than $263 million back to policyholders in every one of Maine’s 16 counties. Since MEMIC opened its doors 25 years ago, injuries in Maine have been reduced by more than 40 percent and the cost of workers’ compensation insurance has dropped by 60 percent.
“We are so excited to be delivering $22 million worth of dividend checks to more than 17,500 Maine employers this week,” said Bourque.
Bourque said the company, which has been celebrating its 25th anniversary, has had a great year. It started with being named the top workers' compensation insurer in the U.S. by ACORD and more recently was named "Company of the Year" by the Maine Insurance Agents Association. MEMIC also received the Corporate State Advocacy Award from Million Women Mentors and MEMIC employees received the UNITED We Thrive Award for charitable giving from the United Way of Greater Portland. Finally, MEMIC’s financial strength, once again, was rated “A” (Excellent) by A.M. Best.
"This record dividend is the icing on our 25th anniversary cake," he said.
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.