MEMIC’s Board of Directors this morning voted to distribute $15 million in dividends to its Maine policyholders.
In November, the Portland-based insurance company will send checks to 20,000 Maine employers who were policyholders in 2005. Employers will receive 9.5% of the premium they paid that year, from $25 to as much as $170,000 for the largest employers, according to the company. (Read a Mainebiz interview from February with John Leonard, president and CEO of The MEMIC Group.)
The Maine Legislature created MEMIC — the Maine Employers Mutual Insurance Co. — in 1993 to tackle the workers comp crisis in the state. Since 1998, MEMIC has returned more than $100 million to policyholders in the form of dividends and capital.
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