MEMIC distributes $17 million in annual dividends
PHOTO / FRED FIELD
Michael Bourque, president and CEO of MEMIC, announced Tuesday that dividends will be distributed to more than 14,000 employers statewide.
About 14,000 Maine employers will soon receive a share of $17 million in dividends from the MEMIC Group, a workers' compensation insurance company based in Portland. This is the 11th double-digit return to Maine policyholders.
The MEMIC Group President and CEO Michael P. Bourque announced the annual dividend at the 2022 Mainebiz CEO Breakfast Forum in Portland yesterday morning.
"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 2022 dividend brings the total amount of capital and dividend declarations for Maine policyholders to $333 million since 1993, the company said in a news release. 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.
“Ultimately, the money returned to our policyholders is a reminder that our safety partnership really does pay dividends for them,” Bourque said.
According to the release, the annual dividend is not guaranteed. The return of money collected from policyholders is contingent upon everyone's safety results, effective injury management, efficient operations, and MEMIC's investment and bond market performance. MEMIC reviews all factors yearly to determine if a dividend is appropriate.
The MEMIC Group provides insurance in 46 states and covers more than 20,000 employers and their estimated 300,000 employees.
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