MEMIC announces $17M dividend for 2022; 11th straight year of double-digit distribution
(Portland, ME) – The MEMIC Group Board of Directors has authorized distribution of a $17 million dividend to more than 14,000 eligible employers. The 2022 MEMIC dividend brings the total amount of capital and dividend declarations for Maine policyholders to $333 million since 1993.
The MEMIC Group President and CEO Michael P. Bourque announced the annual dividend at the 2022 Mainebiz CEO Breakfast Forum in Portland today.
The dividend represents about 12 percent of premium paid by policyholders in 2019 and is the 11th consecutive year for a double-digit distribution.
“Our policyholders continue to be effective partners in driving down the number, severity, and cost of their workplace injuries, and in returning injured workers to productive livelihoods if they do happen to be injured on the job,” Bourque said. “As a mutual insurance company owned and governed by our policyholders, we truly understand that we’re all in this together, especially during the uncertainty of a pandemic when diligent injury management can be challenging.”
The average dividend for Maine employers will be $1,200; the largest will be $250,000. Checks will go out to eligible Maine employers in early 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 annual MEMIC dividend is not guaranteed. The return of money collected from policyholders is contingent upon everyone’s safety results, effective injury management, and efficient operations, as well as MEMIC’s investment and bond market performance. MEMIC reviews all factors annually to determine if a dividend is appropriate.
MEMIC’s strong financial status was affirmed with an “A” (excellent) rating by industry analyst A.M. Best in 2022.
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.