Chalmers is proud to partner with MEMIC, a trusted leader in workers’ compensation insurance, to support the businesses and employees of Maine. In an exciting announcement for 2024, the MEMIC Group Board of Directors has approved an $18.7 million dividend distribution to nearly 17,000 eligible policyholders. This dividend reflects MEMIC’s commitment to safety and financial stewardship.
A Legacy of Safety and Value for Maine Employers
Since 1998, MEMIC has distributed a remarkable $370 million in capital and dividends to Maine policyholders. This latest dividend, representing 11% of premiums paid in 2021, reflects the hard work and dedication of employers committed to creating safer workplaces. MEMIC Group President and CEO Michael Bourque emphasized this during the 2024 Mainebiz CEO Breakfast Forum in Portland, Maine.
"This year's dividend reflects our policyholders' commitment to workforce safety,” said Bourque. “It underscores our collective efforts to prevent injuries and ensure injured workers receive the best medical care for a safe return to work."
As a mutual insurance company, MEMIC shares success directly with policyholders. Employers who demonstrate strong safety practices and manage injuries effectively benefit through lower rates, better outcomes, and, in good years, dividends.
Rising Challenges in Workplace Safety
While the dividend announcement is positive news, Bourque also acknowledged emerging challenges. He pointed to concerning trends, such as a recent uptick in severe workplace injuries, as a reminder of the work still to be done.
"We’re seeing some tragic events occurring in our workplaces all over Maine,” Bourque warned. “These are life-altering injuries which are avoidable in almost every circumstance. We all need to pay attention to the risks that surround us at work every day."
With ongoing rate reductions in recent years, maintaining dividends will require even greater dedication to safety practices. MEMIC’s dividend model relies heavily on the safety and injury management performance of both the company and policyholders, ensuring that efforts to prevent workplace injuries remain a shared priority.
What Policyholders Need to Know
Eligible policyholders will receive their dividend checks by mail in November 2024. It’s important to note that these dividends are not guaranteed but rather reflect MEMIC’s financial health and operational success, as well as policyholders' safety efforts during the 2021 policy year.
At Chalmers Insurance Group, we are dedicated to helping our clients leverage the benefits of MEMIC’s programs. As we work together with MEMIC to promote safer workplaces, we celebrate this dividend announcement as a tangible reward for our clients' ongoing commitment to safety and injury prevention.
If you have any questions about how MEMIC’s programs or dividends affect your policy, don’t hesitate to reach out. Together, we can help protect your workforce and promote a culture of safety.
