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.
