MEMIC to pay $17M in workers' comp dividends to Maine businesses

PHOTO / FRED FIELD Michael Bourque, president and CEO of MEMIC, announced Tuesday that dividends will be distributed to more than 14,000 employers statewide.

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By Staff

About 14,000 Maine employers will soon receive a total of $17 million in dividends from the MEMIC Group, a workers compensation insurance company based in Portland.

The 2021 dividend brings the total amount of capital and dividends declared for Maine policyholders to $316 million since 1998, the company said in a news release.

“This dividend for current Maine policyholders is just another way we fulfill our mission to make workers’ comp work better,” MEMIC Group President and CEO Michael Bourque said. “It represents about 12 percent of the earned premium in 2018 and is the 10th consecutive year for a double-digit distribution.”

Since MEMIC is a mutual insurance company, policyholders may receive dividends based on the insurer’s financial success. The amount of each dividend depends on the policyholder’s premiums.

Bourque credited some of the dividend results to Maine's response to the pandemic.

“Had Maine employers not been diligent in following state CDC guidance, this dividend might not have been as large. I truly applaud them and the state’s leadership in effectively communicating and taking difficult measures to keep us all as safe as possible during this historic pandemic,” he said.

The average dividend for Maine employers will be $1,180 and more than two dozen policyholders will receive checks greater than $40,000. Checks are expected to be mailed to eligible Maine employers in early November.

“What’s especially nice when we distribute a dividend is that the money will end up in the private, public and nonprofit sectors in all 16 counties,” he said. “Ultimately, that money is a reminder that safety really does pay dividends.”

The MEMIC Group provides insurance in 46 states and covers a total of more than 22,000 employers and an estimated 300,000 employees. The company employs over 450 people at its Portland headquarters and seven other East Coast offices.