MEMIC announces $17M dividend

The board of directors for Maine’s MEMIC authorized a $17 million dividend for about 14,000 policyholders.

The average dividend will be $1,180, and more than two dozen employers will receive checks for more than $40,000, the insurer announced.

MEMIC said in a statement that the dividend represents about 12% of earned premium in 2019.

“Had Maine employers not been diligent in following state CDC guidance, this dividend might not have been as large. I truly applaud them and the state’s leadership in effectively communicating and taking difficult measures to keep us all as safe as possible during this historic pandemic,” MEMIC Group

President and CEO Michael P. Bourque said. “As a mutual insurance company owned and governed by our policyholders, we truly understand that we’re all in this together.”

MEMIC said the latest dividend brings to $316 million the amount it has returned to policyholders since 1998.