With MEMIC, safety pays dividends
Earlier this month, the MEMIC Group announced that its Board of Directors has authorized a $17 million dividend for more than 17,000 Maine policyholders.
For over 30 years now, MEMIC has shown that workplace safety isn’t just good for employees — it’s good for business. The annual dividend is based on MEMIC’s financial performance, claims experience and the collective success of policyholders in maintaining safe workplaces.
Maine Employers’ Mutual Insurance Company (MEMIC) is owned by its policyholders in Maine, who share the success of a safe workplace. When safety improves and claims go down, everybody wins. The $17 million distribution represents a 10.5% return of premiums paid by eligible policyholders and will be distributed in November.
A January 6, 1998 article in the Portland Press Herald announces MEMIC rate drops.
Michael Bourque, president and CEO, MEMIC
“There’s no question that Maine businesses are navigating a lot of uncertainty right now. We understand that because we work alongside them every day,” said Michael Bourque, president and CEO.
“At a time of rising costs, helping policyholders operate more safely and efficiently matters more than ever. The $17 million dividend is another way we can return value directly to the businesses we serve that drive this economy, employ our neighbors and keep communities moving forward.”
Making a difference for Maine and beyond
A December 29, 1992 article in the Kennebec Journal announces that MEMIC will open for business that week.
Founded in 1993, MEMIC was created with a public purpose: to restore balance to Maine’s workers’ compensation system and ensure every employer had access to coverage. What began as a solution to a statewide crisis has grown into a nationally recognized insurance company serving more than 21,000 employers and 1 million employees across the country. When the company succeeds, its policyholders will succeed. Read more about how this system works for a small business like Paul White Company.
Mutual insurance means mutual success
An excerpt of a June 16, 1998 article in the Portland Press Herald announcing the company’s first policyholder dividend payment.
As a mutual insurance company, MEMIC is owned by its policyholders. Instead of paying profits to shareholders, the company returns them to policyholders as annual dividends, when financial and safety performance allow.
With the 2026 dividend, MEMIC will have returned more than $406 million to Maine policyholders since 1998. These dividends are the direct result of their shared commitment to workplace safety and effective injury management. When the company succeeds, its policyholders will succeed.
Fewer injuries mean lower costs for workers’ compensation insurance, and the potential for dividends. To help prevent injuries, MEMIC employees have traveled millions of miles to redesign work, engineer out risks and train employees to make safety their top priority. And it’s working: since MEMIC began, workplace injuries in Maine have dropped by more than 50%, and insurance costs have fallen by 60%.
And when injuries happen, they’re there to help workers recover and return to work safely, with experienced claims support every step of the way.
An excerpt of a October 2, 2015 article in the Portland Press Herald announcing an upcoming dividend.
For MEMIC, being mutual means “we’re in this together.” When everyone does their part to prevent injuries, safety pays dividends.
MEMIC has grown from its Maine roots to partner with 22,000+ employers and support approximately 1 million employees nationwide, protecting workers and building safer workplaces.
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