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| HEMIC board approves $1.5M in dividends |
| Tuesday, October 18, 2011 |
The board of the Hawaii Employers’ Mutual Insurance Co. has declared a $1.5 million dividend payable to qualifying policyholders.
It is the fifth-consecutive year that the board of the Honolulu-based workers’ compensation insurer has authorized a multimillion-dollar dividend, although the amount is lower than it has been in recent years. Last year’s dividend was $2 million, in 2009 it was for $3.25 million, and in 2008 it was $5 million.
HEMIC, which is owned and governed by its policyholders in Hawaii, specializes in workers’ compensation insurance. The company, which is rated “A/Excellent and Secure” by A.M. Best, bases premiums on an employer’s past loss history. Policyholders with good safety records qualified for the dividend.
“HEMIC insures some of the safest employers in Hawaii and some with unfortunate loss histories,” said President and CFO Jason Yoshimi. “We anticipate that more than 80 percent of our members will receive a dividend in 2011.”
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