MEMIC announces $18 million dividend; nearly $200 million returned since 1998

PORTLAND, Maine, Sept. 30, 2015 /PRNewswire/ -- Workers' compensation insurer MEMIC announced today that it will issue a dividend of $18 million to more than 17,000 Maine policyholders this November.

The amount, equal to the record dividend issued in 2014, represents more than 14 percent of premium paid by policyholders in 2012, the qualifying year for this dividend declaration. The company's Board of Directors voted to issue the dividend at its September meeting.

The dividend will be paid to employers who buy their workers' compensation insurance coverage from The MEMIC Group's mutual company, Maine Employers' Mutual Insurance Company, based in Portland. The payments will range up to more than $200,000, depending on the amount of premium an employer paid in 2012.

"I'm proud that our partnership with our policyholders has once again produced a significant return for our customers," said MEMIC President and CEO John T. Leonard. "This dividend is the direct result of our work together to reduce injuries through safety training and education, and to help workers get well and back to work promptly if they do get injured."

With this declaration, the MEMIC Board of Directors has authorized the return of approximately $200 million to policyholders since 1998. In addition, the company has now issued a dividend in each of the last 11 years.

"We're proud of the record we have established with these dividends," Leonard said. "Because the return on invested assets has dwindled across the industry in recent years, we'll have to continue to work together with policyholders to improve workplace safety to drive future dividends. It will be companies like ours, who help our customers reduce losses, who will flourish in this difficult investment environment."

About MEMIC 
The MEMIC Group includes MEMIC Indemnity Company, MEMIC Casualty Company, and parent company Maine Employers' Mutual Insurance Company; all rated "A" (Excellent) by A.M. Best. As a super-regional workers' compensation specialty insurer, The MEMIC Group holds licenses to write workers' compensation in 46 states plus the District of Columbia. The group insures more than 20,000 employers and their estimated 300,000 employees, and holds more than $1 billion in assets. The group maintains offices in Manchester, NH; Glastonbury, CT; Albany, NY; Weehawken, NJ; West Conshohocken, PA; Tysons Corner, VA; and Tampa, FL; in addition to its headquarters in Portland, ME.

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SOURCE MEMIC

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