MEMIC Group to Pay $19 Million Dividend to Its Maine Policyholders

Workers’ compensation specialist The MEMIC Group announced a $19 million dividend for more than 17,000 Maine policyholders.

This annual dividend is based on the insurer’s financial performance, claims experience, and its insureds’ safer workplaces during the 2022 calendar year. The $19 million distribution represents an 11% return of premiums paid by eligible policyholders that year and will be distributed next month.

Michael Bourque, president and CEO of The MEMIC Group, said that while safety efforts by policyholders and employees drive dividends, they also reflect the mutual insurer’s efforts to operate efficiently.

The state’s employers have seen a multi-year trend of declining workers’ compensation rates, with advisory costs falling more than 43% over the past four years. These reductions have translated into premium savings for many employers

The MEMIC Group includes MEMIC Indemnity Co., MEMIC Casualty Co., and its parent company, Maine Employers’ Mutual Insurance Co.

The company recently announced a major agreement to acquire The Dakota Group, including Risk Administration Services, Inc. and its four affiliated insurance services companies. If approved by regulators, the combining of the companies would make The MEMIC Group the third largest multi-state workers’ compensation specialist in the U.S. with estimated combined 2025 writings of more than $600 million and coverage for more than 25,000 employers nationwide, according to the announcement.