Honolulu, HI – The Board of Directors of Hawaii Employers’ Mutual Insurance Company, Inc. (HEMIC) has declared a $2.75 million dollar dividend payable to qualifying policyholders. This is the ninth consecutive year that the HEMIC Board has authorized a multi-million dollar dividend. Policyholders who have been insured with HEMIC for more than one policy year and who possess demonstrated safety records qualify for the dividend according to the rules of the dividend distribution plan adopted by the Board.
Said HEMIC Chief Executive Officer, Martin Welch, “HEMIC’s Directors are pleased to declare a policyholder dividend for the ninth consecutive year. It remains a high priority to share HEMIC’s success with the policyholder members who have contributed to our strong financial position. This dividend declaration is a clear statement to employers that investing in workplace safety is good for employees and good for the bottom line.”
HEMIC is a Hawaii-based, mutual insurance company specializing in workers’ compensation insurance. The company is rated “A” (Excellent) with a stable outlook by A.M. Best. HEMIC is the chosen insurance provider for over 95% of their members, as well as the only guaranteed workers’ compensation insurer for Hawaii’s employers. Policy premiums are carefully tailored to each employer’s individual loss history.
“HEMIC’s mission is to serve Hawaii’s businesses and employees, and we see it as our kuleana to work with policyholders to achieve safer workplaces through education, training, and a collaborative partnership,” said Jason Yoshimi, President and CFO. “This year, we anticipate that around 75% percent of our members will receive a dividend.”
Yoshimi also noted that, although the law does not allow any insurance company to guarantee future dividends, paying an annual dividend is an important goal of HEMIC’s Board of Directors.
HEMIC’s mutual company structure is unique in Hawaii. HEMIC is owned and governed by its policyholders, who are referred to as “members” and who meet annually to review results, conduct business and elect Directors. The Board provides governance for the company and all Directors must be HEMIC policyholders. This business model ensures that the company serves the interests of its policyholders first and foremost.
Source: HEMIC