MEMIC announces early dividend to policyholders

The MEMIC Group will distribute a $17 million dividend to its policyholders, the Portland, Maine-based insurer announced in a statement Wednesday.

MEMIC’s board of directors voted to release the dividend early to help its 18,000 policyholders through the economic challenges caused by the coronavirus pandemic, the insurer said. Typically, MEMIC makes its annual dividend decision in September and distributes checks in November.

Eligible policyholders can expect to see average dividends of more than $1,100, and more than 20 of its policyholders will receive checks in excess of $40,000, according to the statement. Policyholders can expect to receive their checks within three weeks.

MEMIC has distributed more than $300 million in dividends since 1998.