MEMIC doles out $10M to ME employers
MEMIC, the workers' compensation insurer in Portland, said yesterday that it will pay a dividend totaling $10 million to about 20,000 Maine employers this November.
The dividend is being paid on the financial results from the 2006 policy year, according to a press release from the company. Employers who held policies with MEMIC for a full year, with a term beginning in 2006, will be eligible to receive the dividend. The company will begin sending out about 20,000 checks in mid-November. Checks will range from $10 to as much as $130,000, based upon premiums paid in 2006.
Since MEMIC was established in 1993, lost-time injuries are down by about 30% while rates for workers' comp insurance are down by more than 40% in Maine, according to the company. With the November payout, the company will have issued dividends and capital return checks to Maine employers totaling more than $110 million since 1998.
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