Employers win again as MEMIC issues $18M dividend
Policyholders rewarded with cash distribution for 25th time
(Portland, ME) – The MEMIC Group Board of Directors has authorized distribution of an $18 million dividend to more than 14,000 eligible policyholders. The 2023 MEMIC dividend brings the total sum of capital and dividend declarations for Maine policyholders since 1998 to $351 million.
The MEMIC Group President and CEO Michael P. Bourque announced the annual dividend at the 2023 Mainebiz CEO Breakfast Forum in Freeport today.
The dividend represents about 12 percent of premium paid by policyholders in 2020 and is the 25th time a dividend has been issued and the 12th consecutive double-digit declaration.
“Our policyholders and their employees continue to be effective partners in driving down the number, severity, and cost of their workplace injuries,” Bourque said. “In addition, this dividend is made possible by the work we all do to help workers who do get injured to get the best medical treatment so that they can safely return to productive livelihoods.
“As a mutual insurance company we know that diligent injury prevention and management is the right thing for our policyholders and their workers, and it’s also good financially. We salute all our policyholder members for earning this dividend.”
The average dividend for Maine employers will be $1,250; the largest will exceed $250,000. Checks will go out to eligible Maine employers beginning in mid-November, Bourque said.
“Ultimately, the money returned to our policyholders is a reminder that our safety partnership really does pay dividends for them,” Bourque said. “The dividend also is money that likely will go back into Maine’s economy in the form of investments, wage and job growth as well as benefits in all 16 counties.”
The annual MEMIC dividend is not guaranteed. It is a result of the collective success of employers in avoiding injuries and effective injury management, as well as MEMIC’s efficient operations and investment performance. MEMIC reviews all factors annually to determine if a dividend is appropriate for those who are current policyholders.
Dividend payments are based on a rolling three-year history of loss experience. The dividends to be distributed in 2023 are based on the 2020, 2021 and 2022 loss years.
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About MEMIC
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.