Governor Paul R. LePage said Wednesday that Maine-based workers’ compensation insurer Maine Employers’ Mutual Insurance Company (MEMIC) has declared a 2012 dividend of more than $13 million. This represents an increase of $1 million from its 2011 dividend payment.
In November, approximately 19,000 policyholders will be receiving checks from MEMIC. The checks represent more than 10 percent of 2009 premiums. The dividend amount is based on premiums paid in 2009, as MEMIC performs a review every three years to determine its ability to pay a dividend.
“This is an example of a Maine-based insurance company succeeding and benefiting many other businesses and employees in our State,” Governor LePage commented. “MEMIC is a home-grown solution and serves as a model that other states have copied.”
MEMIC was first licensed by Maine’s Bureau of Insurance in 1993. The company insures approximately 60 percent of Maine’s commercial insurance market based on premium. This year will be the 15th consecutive year in which MEMIC has paid a dividend or returned excess capital to policyholders.
“MEMIC’s focus on injury prevention and cost containment has allowed for more than $146 million dollars to be returned to Maine-based policyholders since 1998,” the Governor added. “These policyholders are businesses, large and small, and this capital will continue to strengthen Maine’s economy.”
