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KEMI Declares $30.8 Million Dividend For Policyholders

26 Mar, 2010 WorkersCompensation.com

                               Lexington, KY (CompNewsNetwork) - The board of directors for Kentucky Employers' Mutual Insurance (KEMI) today approved a total dividend of $30.8 million which will impact more than 73,000 employers.  Although KEMI has distributed more than $30 million in rate reductions over the last three years, this marks the first time KEMI has issued a dividend payment to current and former policyholders in its fifteen year history.
“KEMI was created to be a competitive force and bring stability to the workers' compensation market,” said David Snowden, chairman of the board.  “KEMI is fulfilling its role in the marketplace, and we are proud to offer this dividend as a much-needed boost to Kentucky businesses of all sizes.”

“This dividend followed an extensive review by independent actuaries who analyzed several factors, including KEMI's policyholder equity, catastrophic loss exposure, and overall financial performance,” said Roger Fries, President and CEO of KEMI.

Dividend checks will be issued in July of this year to customers who were insured by KEMI between September 1, 1995 and December 31, 2008.  Under the approved plan, only policyholders who had a KEMI policy for at least six months and maintained a total loss ratio below seventy-five percent are eligible to receive a dividend payment.  Additionally, KEMI is authorized to recover from any dividend payable those amounts that are currently written off to bad debt or in outstanding collections status and will not issue a dividend of less than fifty dollars.

The dividend plan now goes to the Kentucky Department of Insurance for review.  

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