MEMIC to send out record dividend checks
Portland-based worker’s compensation insurer Maine Employers’ Mutual Insurance Co. has once again reached a new record for dividend checks being sent to policyholders.
MEMIC on Tuesday announced that it’s sending more than $18 million in dividend checks to more than 17,000 qualified policyholders this November, based on its 2011 performance. The company made its last record when it issued a $16 million dividend the same time last year.
MEMIC said the average dividend check will exceed $1,000 and range to more than $250,000 for the first time in the company’s history. Once checks are dispersed in November, MEMIC will have issued nearly $180 million in dividends since 1998 and more than $100 million since 2006.
John T. Leonard, president and CEO of MEMIC, said lower overhead costs and the company’s expansion across the East Coast contributed to the record dividend. The company opened its eighth office this past year in Tysons Corner, Va.
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