The MEMIC Group, a workers’ compensation insurance provider, is set to distribute a $19 million dividend to over 17,000 policyholders in Maine next month. This payout is based on how well the company performed financially, the claims filed, and the efforts made by insured businesses to create safer workplaces during 2022.
This dividend equals about 11% of the premiums those policyholders paid last year. Michael Bourque, president and CEO of The MEMIC Group, pointed out that both the safety measures taken by customers and the company’s efficient management played roles in making these dividends possible.
Employers in Maine have enjoyed lower workers’ compensation rates over recent years, with advisory costs dropping more than 43% over the past four years. These reductions have helped many businesses save money on their insurance premiums.
The MEMIC Group includes several companies, such as MEMIC Indemnity Co., MEMIC Casualty Co., and Maine Employers’ Mutual Insurance Co. The company is also working on a major deal to acquire The Dakota Group and its affiliated insurance services. If regulators approve, this move will make The MEMIC Group the third largest multi-state workers’ compensation specialist in the U.S., covering more than 25,000 employers with expected combined annual writings of over $600 million in 2025.
This dividend is a welcome boost for Maine businesses and reflects a positive trend of improving workplace safety and cost savings in workers’ compensation insurance.