MEMIC Group Announces $18.7 Million Dividend

PORTLAND, Maine-The MEMIC Group Board of Directors has approved an $18.7 million dividend distribution to as many as 17,000 eligible policyholders who obtain their workers' compensation insurance from the company. This 2024 dividend brings the total capital and dividend distributions for Maine policyholders to $370 million since 1998.

MEMIC Group President and CEO Michael Bourque announced the dividend at the 2024 Mainebiz CEO Breakfast Forum in Portland.

"This year's dividend, equal to 11 percent of premiums paid to MEMIC in 2021, reflects our policyholders' commitment to workforce safety," Bourque stated. "It underscores our collective efforts to prevent injuries and ensure injured workers receive the best medical care for a safe return to work."

Bourque emphasized MEMIC's mutual insurance model: "As a mutual company, we champion injury prevention and management. It benefits our policyholders, their workers, and makes financial sense. We applaud our policyholder members for earning this dividend."

However, Bourque also warned that significant rate decreases over the last few years, coupled with a spate of serious workplace injuries in recent months are leading to increasing loss ratios for the company. He said the company and its policyholders will need to bring even greater focus on workforce safety to continue to pay double-digit dividends.

"We're seeing some tragic events occurring in our workplaces all over Maine," Bourque said. "These are life-altering injuries which are avoidable in almost every circumstance. We all need to pay attention to the risks that surround us at work every day."

The annual MEMIC dividend isn't guaranteed but reflects employers' success in injury prevention and management, as well as MEMIC's operational and investment performance. The dividend, which will be mailed to policyholders in November, is based on success from the 2021 year.

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About MEMIC
The MEMIC Group includes MEMIC Indemnity Company, MEMIC Casualty Company, and parent company Maine Employers' Mutual Insurance Company; all rated "A" (Excellent) by A.M. Best. The MEMIC Group holds licenses to write workers' compensation across the entire country. The group insures and serves nearly 21,000 employers and their estimated 300,000 employees with dedicated safety and injury management service teams from Maine to Florida