The $22 million represents nearly 15% of premium paid for policies issued in 2015, the qualifying year for the dividend declaration. (Photo: Shutterstock)
More than 17,000 Maine employees will receive a record $22 million in dividends this November from The MEMIC Group, the state's leading workers' compensation insurer. With this most recent dividend, MEMIC will have returned more than $263 million to policyholders over the past 20 years.
"This money will be delivered to employers in all sixteen counties and will help boost the Maine economy," Michael Bourque, MEMIC president and CEO, said in a statement. "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."
The board of directors authorized the MEMIC policyholder dividend at a meeting in late September. 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. The $22 million represents nearly 15% of premium paid for policies issued in 2015, the qualifying year for the dividend declaration.
Bourque also said, "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. This record dividend is icing on the cake."
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