MEMIC returns $13M to policyholders
The state's largest provider of workers' compensation insurance, MEMIC, announced Wednesday that it will return $13 million in dividends to approximately 19,000 Maine-based policyholders.
The dividend, $1 million higher than last year's payout, is the third year of increasing payouts for the company.
Since 1998, MEMIC reports that it has returned more than $146 million to its Maine-based policyholders through an annual analysis of the last three years, which the company uses to determine its ability to pay a dividend.
This year's payment is based upon premium payments for 2009 and marks the 15th year that the company has paid a dividend to policyholders.
Company President and CEO John Leonard said in a prepared statement that the company now insures about 60% of the commercial insurance market, based on premium payments, and that the company also expects to underwrite more than $70 million in premiums outside of the state.
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