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October 8, 2013

MEMIC sending record dividend checks

Portland-based workers’ compensation insurer the Maine Employers' Mutual Insurance Co. will send out more than $16 million in dividend checks to policyholders this fall, a new record for the company.

The company reported in a press release that the checks to go out this fall will be shared among 18,000 policyholders, based on the insurer’s performance in 2010. In a prepared statement, MEMIC President and CEO John T. Leonard attributed the dividend increase to lowering the company’s expenses and growing its subsidiaries outside of Maine.

The company delivered around $13 million in dividend payments last November and previously reached nearly $16 million in those payments in 1998.

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