Workers’ compensation insurance provider The MEMIC Group will issue a record dividend of $20 million to about 18,000 Maine policyholders, the company said Tuesday.

The dividend amount represents 15 percent of premiums paid by Maine policyholders in 2013, the qualifying year for the dividend declaration, Portland-based MEMIC said in a news release. The average dividend will be $1,111 per policyholder.

It will be the largest percentage of premiums MEMIC has ever returned, it said. The latest declaration brings the total amount of Maine policyholder dividends authorized by the MEMIC board of directors to roughly $220 million since 1998. The company has now issued a dividend in each of the past 12 years, and the record $20 million dividend is 54 percent more than was returned to policyholders in 2012, MEMIC said.

“Maine employers who insure with MEMIC have earned this dividend,” MEMIC President and CEO John Leonard said in the release. “We work together with our policyholders to reduce injuries through safety training and education, and to help injured workers get well and back to work promptly. It takes dedication and commitment, but workplace safety really does pay dividends.”

The dividend will be paid to employers who buy their workers’ compensation insurance coverage from a MEMIC company, Maine Employers’ Mutual Insurance Co. Checks will be delivered in November, and payments will range up to more than $200,000, depending on the amount of premiums an employer paid in 2013.


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