Honolulu, HI – The Board of Directors of Hawai`i Employers’ Mutual Insurance Company, Inc. (HEMIC) recently declared a $2.5 million dividend payable to qualifying policyholders. Since 2007, HEMIC’s Board has declared dividends every year and with this declaration will have returned over $40 million to Hawai`i policyholders over the last fourteen years.
“Like many other businesses, our income statement has also been negatively impacted by Hawaii’s weakened economy, due to the impacts of COVID-19″ said HEMIC Chief Executive Officer, Martin Welch. “Regardless, now more than ever, we believe it is incumbent upon us to share our profits with our policyholders — when they need it most.”
HEMIC’s mutual structure forms the basis of their commitment to share their success with their policyholders in the form of dividends
Said Jason Yoshimi, HEMIC President and CFO, “Because of our uniqueness as a mutual insurance company and our commitment to keeping a strong financial position, our balance sheet remains as strong as ever, ensuring our ability to keep our financial promises for many years to come.”
Combined with a previous $2 million premium COVID relief program that HEMIC instituted earlier this year, this $2.5 million dividend represents a very significant return to their policyholders.
To qualify for a dividend, policyholders must be insured with HEMIC for more than one consecutive policy term and demonstrate a commitment to safety. Dividends are usually distributed in November, however HEMIC has expedited their usual process in order to reach policyholders sooner in light of these unprecedented times.