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MEMIC Group, one of Maine’s largest workers compensation insurers, on Thursday announced plans to distribute $22 million in dividends to policyholders, matching that record amount distributed in 2018 based on 2015 losses and 14% of premiums paid in 2016.
This is the 16th consecutive year MEMIC policyholders have received dividends, which now total $285 million, according to a statement issued by the Portland, Maine-based insurer.
The insurer expects to deliver checks as large as $200,000 in November to approximately 18,000 employers in Maine, according to the statement.
“We’ve been told by employers across the state that the 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,” MEMIC President and CEO Michael P. Bourque said in the statement.
Workers comp insurer the MEMIC Group announced that Michael Bourque will replace retiring President and CEO John Leonard.