MEMIC Group to Send $17 Million Dividend to Employers

Workers’ compensation insurer The MEMIC Group said it will distribute a $17 million dividend for more than 17,000 Maine policyholders.

This annual dividend is calculated based on MEMIC’s financial performance, claims experience, and its policyholders’ record in maintaining safe workplaces during the 2023 calendar year. The $17 million distribution is more than 10% of eligible premiums paid by policyholders that year and will be distributed next month.

Last year, the dividend was $19 million.

“At a time of rising costs, helping policyholders operate more safely and efficiently matters more than ever,” stated said Michael Bourque, president and CEO, in announcing the dividend.

MEMIC said that since its founding in 1993, lost-time injuries in Maine have been reduced by approximately 50% and these safer workplaces have led to lower costs for employers. Maine regulators recently approved a reduction in advisory costs—an average decrease of 4.8% for 2026. This continues a multi-year trend of declining statewide rates, with advisory costs falling almost 48% over the past five years. These reductions have translated into premium savings for many employers.

The MEMIC Group includes MEMIC Indemnity Co., MEMIC Casualty Co., and its parent company, Maine Employers’ Mutual Insurance Co. MEMIC is licensed to write workers’ compensation coverage across all 50 states.

In January 2026, The MEMIC Group expanded with the acquisition of The Dakota Group. The Dakota Group has a significant presence in the workers’ compensation market in the upper Midwest.