MEMIC Declares $22 Million Dividend, Applauds System Stability

The board of directors of The MEMIC Group has declared a $22 million dividend for its Maine policyholders, matching last year’s record-setting dividend. The $22 million dividend represents 14% of the premiums paid to the mutual insurance company for policy year 2016. The company expects to deliver checks as large as $200,000 in November to about 18,000 employers in Maine. The 2019 dividend brings the total of capital and dividends returned to MEMIC policyholders to $285 million. This is the 16th year in a row that MEMIC has declared a dividend. But the dividend is not guaranteed, the ...