Safety pays: MEMIC issues record $22M in dividends to Maine employers

Courtesy / MEMIC MEMIC President and CEO Michael Bourque announced Tuesday that more than 17,000 Maine employers will receive a record $22 million in dividends this November from MEMIC Group, the state's leading workers' compensation insurer. The board of directors authorized the MEMIC policyholder dividend at its Sept. 28 meeting.

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By Staff

More than 17,000 Maine employers will receive a record $22 million in dividends this November from MEMIC Group, the state’s leading workers’ compensation insurer. The board of directors authorized the MEMIC policyholder dividend at its Sept. 28 meeting.

The $22 million represents nearly 15% of premium paid for policies issued in 2015, the qualifying year for the dividend declaration. Checks as large as $290,000 will be delivered in November depending on the amount of premium an employer paid in 2015.

“With this record dividend, MEMIC will have returned more than a quarter billion dollars to Maine employers since 1998,” MEMIC President and CEO Michael Bourque said in a news release. “This is our favorite time of the year as it celebrates a lot of hard work by employers and employees who work safely and get those who are injured back to work.”

Bourque said the money would be delivered to employers in all 16 counties and will help boost Maine’s economy.

“As we have been told, this money often is used for expansions, safety enhancements, debt reduction, new hires, wages, benefits and every other aspect of running a safe and successful enterprise,” he said.

Dividends tied to safety results

As MEMIC is a mutual insurance company, eligible Maine policyholders may share in the financial success. With this most recent dividend, MEMIC will have returned more than $263 million to policyholders over the past 20 years.

The dividend is not guaranteed as it is contingent upon safety results, effective injury management and efficient management of the company, as well as investment and bond market performance.

“In 2018, MEMIC is celebrating its 25th anniversary as well as its designation by ACORD as the top workers’ compensation insurance company in the U.S.,” Bourque said. “This record dividend is icing on the cake.”

About MEMIC

The MEMIC Group includes MEMIC Indemnity Co., MEMIC Casualty Co., and parent company Maine Employers’ Mutual Insurance Co.; all rated “A” (Excellent) by A.M. Best. As a super-regional workers’ compensation specialty insurer, The MEMIC Group holds licenses to write workers’ compensation across the country. The group insures more than 20,000 employers and their estimated 300,000 employees, and holds more than $1.3 billion in assets. In addition to its Portland headquarters, MEMIC Group maintains offices in Manchester, N.H.; Glastonbury, Conn.; Albany, N.Y.; Weehawken, N.J.; West Conshohocken, Pa.; Tysons Corner, Va.; and Tampa, Fla.