MEMIC Paying Record $22M in Dividends
Wednesday, October 3, 2018 | 0
Maine Employers' Mutual Insurance Co. announced Tuesday that it will pay a record $22 million in dividends to 17,000 employers.
MEMIC’s board of directors authorized the dividend during a meeting on Sept. 28, the carrier said in a press release.
MEMIC said it has paid $263 million in dividends since 1998. The latest dividend represents nearly 15% of premium paid for policies issued in 2015, the qualifying year for the dividend declaration.
Checks as large as $290,000 will be delivered in November depending on the amount of premium an employer paid in 2015, the carrier said.
“This money will be delivered to employers in all 16 counties and will help boost the Maine economy," stated Chief Executive Officer Michael Borque. "As we have been told, this money often is used for expansions, safety enhancements, debt reduction, new hires, wages, benefits and every other aspect of running a safe and successful enterprise.”
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