Workers' comp insurer MEMIC will pay $19M dividend to Maine policyholders

Photo / Renee Cordes MEMIC Group, a workers’ compensation insurance provider, plans to pay a $19 million annual dividend to more than 17,000 eligible policyholders in Maine. MEMIC President and CEO Michael Bourque announced the news at the Mainebiz CEO Forum in South Portland.

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By Renee Cordes

Portland-based MEMIC Group, a workers’ compensation insurance provider, plans to pay a $19 million annual dividend to more than 17,000 eligible policyholders in Maine.

In keeping with an annual tradition, MEMIC President and CEO Michael Bourque announced the news Wednesday morning at the Mainebiz CEO Forum in South Portland.

“Returning dividends to our policyholders demonstrates why a mutual partnership is such an impactful model for workers’ compensation,” Bourque said. “When businesses invest in safety and partner with MEMIC to prevent injuries, everyone benefits — employees, employers and the communities we serve.”

This dividend amount was calculated based on MEMIC’s financial performance, claims experience and the collective success of policyholders in maintaining safe workplaces in 2022, the company said.

Since 1988, the company has returned more than $389 million in dividends to policyholders across all 16 Maine counties.

The $19 million distribution represents an 11% return of premiums paid by eligible policyholders in 2022 and will be distributed next month.

Last year's dividend payment amounted to $18.7 million.

MEMIC, which is licensed to write workers’ compensation coverage across all 50 states, said it partners with nearly 21,000 employers and supports around one million of their employees through safety services and injury management.

Last month, the company announced the acquisition of a South Dakota-based company in a move that will expand the buyer’s geographic reach with a strong foothold in the Midwest. Terms of the deal were not disclosed.