MIEC Declares $13M Policyholder Dividend Credit Distribution, with Stable Rating Outlook
Oakland, CA (March 11, 2020) – The MIEC Board of Governors has approved a $13M policyholder dividend credit to be distributed during the 2020 policy year. MIEC financial results have been anchored by strong investment strategy and solid balance sheet, as well as an experienced management team committed to navigating the volatile MPL landscape. The 2020 Dividend Distribution Declaration marks the 15th consecutive year that MIEC will be offsetting policyholder premiums with dividend credits and now in its 45th year of operation has returned more than $442M to policyholders since dividend distributions began.
“Our dividend program is just one of the benefits of operating a member-owned exchange. However, it is one of the best things we do for our policyholders. It demonstrates our commitment to our policyholders by keeping profits where they belong — with our members,” said MIEC President Andrew Firth. “We were founded during a time of crisis to help physicians ensure that such a crisis never happens again, and we do that by keeping faith with the philosophy and motivations of the doctors who created MIEC. We remain committed to providing our policyholders with best in class MPL coverage through effective partnerships, innovative insights, and dynamic risk solutions. We do so through a culture of vigorous protection and high value and continue to build upon operational efficiencies to be good stewards of our policyholders’ money.”
MIEC provides medical professional liability insurance, risk management services and other related services to physicians, healthcare professionals, medical groups and acupuncturists in California, Hawaii, Alaska and Idaho. Please visit www.miec.com for more information.