Portland, ME - The MEMIC Board of Directors voted this morning to issue a dividend totaling $15 million to policyholders of its Maine-based mutual company.
"This is a difficult time for many employers," said MEMIC President and CEO John T. Leonard. "But this dividend is an indication that one thing employers who insure with MEMIC don't have to worry about is the condition of their workers' compensation insurer. The partnerships we've forged with our policyholders have helped us continue to succeed in reducing workplace injuries. By focusing on that important goal, we see the great financial benefit that accrues to our policyholders through this dividend."
As a result of the vote MEMIC will send checks in November to more than 20,000 Maine employers who were policyholders of the company during 2005. The amount will be approximately 9.5 percent of the total premium paid during that year. Checks will range to a little more than $170,000.
When the payments go out this November, MEMIC's Board of Directors will have authorized more than $100 million back to policyholders since 1998. Since that year, the company's board has approved the return of more than $47 million in capital that was collected during the company's early years. In recent years, the company's dividends, now totaling about $55 million, have increased, setting a record in each of the last three years.
�Workers' comp used to be the biggest problem in Maine,� said Leonard. �Today, it's a great success story. If you looked back 15 years, I don't think anyone would have foreseen the day that MEMIC would be so strong and able to put $100 million back into the Maine economy as it has over the last decade.�
About MEMIC Maine Employers' Mutual Insurance Company (MEMIC), based in Portland, Maine, is Maine's largest and leading workers' compensation insurer, providing coverage to more than 20,000 Maine employers and their estimated 170,000 employees. The company is rated �A� (Excellent) by A.M. Best. More information can be found at memic.com. Since 1998, MEMIC has returned approximately $100 million in collected capital and policyholder dividends to its policyholders.
The MEMIC Group The MEMIC Group is a workers' compensation insurance specialist including Maine Employers' Mutual Insurance Company (MEMIC) and its subsidiary, MEMIC Indemnity Company. The MEMIC Group is rated A (Excellent) by A.M. Best. Together, the MEMIC Group's members are licensed to write workers' compensation in 45 states plus the District of Columbia. The MEMIC Group's headquarters is in Portland Maine with offices in Manchester, NH; Glastonbury, CT; and Albany, NY.
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