Portland, Maine—The MEMIC Group announced today that its Board of Directors has authorized a $19 million dividend for more than 17,000 Maine policyholders. Since 1998, MEMIC has returned more than $389 million in dividends to policyholders across all 16 counties in Maine.

Michael Bourque, President and CEO of The MEMIC Group, shared the news at the 2025 Mainebiz 60 Ideas in 60 Minutes event on October 8 in South Portland, Maine. 

“Returning dividends to our policyholders demonstrates why a mutual partnership is such an impactful model for workers’ compensation,” said Bourque. “When businesses invest in safety and partner with MEMIC to prevent injuries, everyone benefits—employees, employers, and the communities we serve.”

Since MEMIC’s founding in 1993, lost-time injuries in Maine have been reduced by approximately 50%. Safer workplaces have led to lower costs for employers. Maine regulators recently approved a significant reduction in advisory costs—an average decrease of 9.6% for 2025. This continues a multi-year trend of declining statewide rates, with advisory costs falling more than 43% over the past four years. These reductions have translated into premium savings for many employers.

“While policyholders and employees help drive our commitment to safety, MEMIC must also operate as an efficient, disciplined company. Dividends are the reward for a healthy workers’ compensation system that we are especially proud to underwrite,” Bourque said. “Our aim is to continue making our workforce safer and to see the return on investment benefit the Maine economy.” 

This annual dividend is calculated based on MEMIC’s financial performance, claims experience, and the collective success of policyholders in maintaining safe workplaces during the 2022 calendar year. The $19 million distribution represents an 11% return of premiums paid by eligible policyholders that year and will be distributed next month.

About The MEMIC Group

The MEMIC Group includes MEMIC Indemnity Company, MEMIC Casualty Company, and its parent company, Maine Employers’ Mutual Insurance Company. All companies are rated “A” (Excellent) by A.M. Best for financial strength and stability.

MEMIC is licensed to write workers’ compensation coverage across all 50 states. We partner with nearly 21,000 employers and support approximately 1 million of their employees through proactive safety services and compassionate injury management. Our teams are committed to helping workplaces thrive, from Maine to Florida and beyond.

For more information, visit www.memic.com.