MEMIC to return $21 million in comp dividends to policyholders

The MEMIC Group said Wednesday it will issue $21 million in dividends back to 18,000 Maine employers next month.

The dividends will be paid to employers who buy their workers compensation insurance coverage from The MEMIC Group’s mutual company, Portland, Maine-based Maine Employers’ Mutual Insurance Co. Checks written for as much as $200,000 will be delivered in November depending on the amount of premium an employer paid in 2014, The MEMIC Group said in a statement.

The $21 million represents nearly 15% of the premium paid for policies issued in 2014, according to the statement. Since 1998, more than $241 million has been authorized for return to Maine employers.

“That money will be put to use for expansion and safety enhancements, debt reduction, new hires, wages, benefits and every other aspect of running a safe and successful enterprise,” said Michael Bourque, president and CEO of The MEMIC Group, in a statement. “What’s especially nice is that this dividend will end up in the private, public, and non-profit sectors in all sixteen counties.”