The project repurposes an office building into a hotel with amenities such as a restaurant, bar, skybridge and fitness room. “This deal is a textbook example of converting excess office space into alternative use,” said one broker.
The dividend amount was calculated based on MEMIC’s financial performance, claims experience and the collective success of policyholders in maintaining safe workplaces during the 2022 calendar year.
The deal, subject to regulatory review and expected to be completed in January, will make MEMIC one of the country's largest multi-state workers' compensation specialists with a strong foothold in the Midwest.
Portland-based MEMIC Group approved an $18.7 million dividend distribution to as many as 17,000 eligible policyholders who obtain their workers’ compensation insurance from the company.
Global credit rating agency A.M. Best upgraded its outlook for the Portland workers' comp insurer from negative to stable, and affirmed the company's other ratings of excellent.
The final round came down to Jessica Estes, president of the Boulos Co., who was playing for Learning Works, and Jacqueline Edmondson, president of the University of Southern Maine, who was playing for the USM Scholarship Fund.