Issue link: https://nebusinessmedia.uberflip.com/i/1267505
MEMIC, the state's largest workers' compensation insurance company, is declaring an early dividend for its approximately 18,000 Maine policyholders. Normally, MEMIC's board of directors decides in September if it can issue an annual dividend but these are not normal times. Though MEMIC is not immune to the economic challenges created by the pandemic, the company is confident in its financial strength. That confidence led the board to act earlier to get well- deserved money back to its policyholders now. The board also directed the company to expedite dividend delivery so checks are being issued immediately. The average dividend will be approximately $1,100. Adding $17 million throughout the entire state will certainly help thousands of employers as well as the Maine economy during this stressful time. This success is largely due to a relentless commitment to workforce safety and compassionate care for injured workers. Since its creation in 1993, MEMIC has helped reduce work-related injuries in Maine by more than 50 percent which has helped reduce insurance premiums by more than 60 percent. However, for the more than 320,000 injuries that have occurred during the last 27 years in Maine, MEMIC has paid in excess of $1.9 billion in medical and wage-replacement benefits fulfilling its promise for fair and equitable treatment of all workers. HOW MUTUAL SUCCESS WORKS Because MEMIC is a mutual insurance company owned and governed by its Maine policyholders, it may declare and distribute dividends when the company makes a profit. Gratefully, safety training, effective return-to-wellness programs and prudent financial management have helped MEMIC outperform expectations. For more than two decades, MEMIC has authorized payments that now total more than $302 million. RETURNING TO WORK SAFELY IN THE TIME OF COVID-19 To help ensure continued and shared financial success, MEMIC also offers detailed safety procedures at memic.com/ workplace-safety to guide employers and employees to safely re-enter their places of employment. Minimizing the risk of disease is everyone's responsibility and these simple precautions will allow us all to remain as safe and healthy as possible. This is just another way MEMIC helps make workers' comp work better. RIGHT WHEN IT'S NEEDED THE MOST. AN EARLY $ 17 MILLION MEMIC DIVIDEND. CHECKS ARE ON THE WAY TO ELIGIBLE EMPLOYERS IN EVERY MAINE COUNTY. Michael. P. Bourque President and CEO