MEMIC doles out $11M in dividends
MEMIC, a Portland-based workers' compensation insurance company, will pay an $11 million dividend to about 20,000 Maine businesses, an increase of $1 million over what the company paid policyholders last year.
MEMIC's board of directors voted last week to grant the dividends, which are based on financial results from the 2007 policy year, according to a release from the company. John Leonard, president and CEO, said in the release the payments reflect employers' attempts to reduce workplace injuries and MEMIC's efforts to keep operating expenses low.
Checks reflecting 7% of premiums paid in 2007 -- ranging from $10 to $130,000 -- will begin going out in mid-November, according to the release. With this payment, the company will have issued dividends and capital return checks in excess of $121 million since 1998.
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