Medical Mutual Declares $5 Million Dividend
The Medical Mutual Board voted at its December 2022 meeting to declare a dividend of $5 million, a number that represents 13.2% of eligible premiums for the year. The 2022 dividend, the 16th in the past 16 years including a special mid-year dividend declared during the COVID pandemic in 2020, was announced by Company President and CEO Frank Lavoie, MD, MBA.
In announcing the dividend, Lavoie said that the Company had experienced a slight uptick in filed claims for the year, yet overall, the number of new claims filed for the year remained at a very moderated level from a historical perspective. He noted, however, that the national trend of rising severity was real and that Medical Mutual had paid a number of claims in 2022 that were all much higher than typical claims historically experienced in Northern New England.
Despite the year's string of high-value cases, Lavoie said that all the things considered, 2022 was a very good year for Medical Mutual as indicated by the dividend declaration. View the dividend declaration letter.
