MEMIC issues $20M dividend to Maine policyholders
Portland-based workers’ compensation specialist The MEMIC Group announced on Monday that it will issue a record dividend of $20 million to 18,000 Maine policyholders this November.
“Maine employers who insure with MEMIC have earned this dividend,” MEMIC President and CEO John T. Leonard said in a statement. “We work together with our policyholders to reduce injuries through safety training and education, and to help injured workers get well and back to work promptly. It takes dedication and commitment but workplace safety really does pay dividends.”
The amount represents 15% of the premium paid by Maine policyholders in 2013, the qualifying year for this dividend declaration, and the largest percentage premium MEMIC has ever returned, according to the company.
The dividend will be paid to employers who buy their workers’ compensation insurance coverage from The MEMIC Group’s mutual company, Portland-based Maine Employers’ Mutual Insurance Co. Checks will be delivered in November and payments will range to more than $200,000, depending on the premium an employer paid in 2013.
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