MEMIC doles out $12M in dividends
Portland-based workers' compensation insurer The MEMIC Group is returning $12 million to about 19,000 Maine employers.
The $12 million dividend payment is a $1 million increase over its 2010 dividend payment, an increase the board of directors recently voted to approve, according to a press release. Each year the mutual company does a three-year analysis to determine its ability to pay a dividend, and the 2011 payment is based upon premiums paid in 2008. MEMIC had a successful year in 2008 based on its efficient operation, low rates of workplace injuries among its customers and its continued expansion outside of Maine. Each eligible policyholder will receive a check totaling about 9.2% of premium paid to MEMIC in 2008.
Once this dividend has been paid in November, the company will have returned more than $133 million to its Maine-based policyholders since 1998, according to the release.
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