Honolulu, HI – The Board of Directors of Hawaii Employers’ Mutual Insurance Company, Inc. (HEMIC) has declared a $1.5 million dividend payable to qualifying policyholders. This is the sixth consecutive year that the HEMIC board has authorized a multi-million dollar dividend. Loyal HEMIC policyholders with good safety records qualified for the dividend according to the rules of the dividend distribution plan adopted by the board.
HEMIC Chief Executive Officer Marty Welch said: “HEMIC’s directors believe that it is particularly important to support local Hawaii businesses during these challenging economic times. Today more than ever, we recognize the importance of sharing HEMIC’s success with the policyholders that have contributed to our strong financial position. This dividend declaration is a clear statement that effective investment in safety pays.”
HEMIC is a Hawaii based, mutual insurance company specializing in workers’ compensation insurance. The company is rated “A” (Excellent and Secure) by A.M. Best. Most Hawaii employers are guaranteed coverage and premiums are tailored to the employers’ individual loss history.
“HEMIC insures some of the safest employers in Hawaii and some with unfortunate loss histories,” said Jason Yoshimi, President and CFO. “We anticipate that nearly 80 percent of our members will receive a dividend in 2012.”
Yoshimi also noted that, although the law does not allow HEMIC, or any insurer, to guarantee future dividends, paying an annual dividend is a goal of HEMIC’s board of directors.