Mutual Insurance Company of Arizona Declares $15 Million Dividend
PHOENIX, Jan. 04, 2023 (GLOBE NEWSWIRE) -- The Mutual Insurance Company of Arizona® (MICA) announced today that its Board of Trustees has declared a policyholder dividend of $15 million to be allocated among current members as of December 31, 2022, the record date. The dividend will be distributed in February 2023.
For policyholders insured by MICA for a full three-year period ending on the December 31, 2022 record date, the dividend represents approximately 18% of their 2022 annual earned premium. Members current as of the record date who were consecutively insured less than the full three-year period will receive a pro-rated amount. Additional information regarding the policyholder dividend distribution for each member will be available on the member portal at www.mica-insurance.com in early February 2023.
“We’re proud to be able to reward our policyholders who share in MICA’s mission and entrust us to protect them in the practice of medicine,” said Edward G. Marley, MICA’s President and CEO. “MICA was organized as a mutual insurer in 1976, a specialized structure that offers us the ongoing ability to share the company’s financial success with our members.”
Following the February 2023 dividend distribution, MICA will have returned $715 million in dividends to its policyholders since inception, including $115 million in the last five years.
The MICA Board of Trustees has awarded policyholder dividends each year since 2005, however, because they are based on past performance they are not guaranteed for future periods.
About Mutual Insurance Company of Arizona
Mutual Insurance Company of Arizona (MICA) is a physician-owned and physician-directed mutual insurance company focused on providing medical professional liability insurance. For nearly 47 years, MICA has been recognized for its financial strength, claim management, careful loss reserving, risk management publications and programs, personal attention, and member focus. MICA provides quality medical professional liability coverage with exceptional service to individual physicians, physician groups, advanced health care professionals, and medical facilities in Arizona, Colorado, Nevada, and Utah. For more information, visit https://www.mica-insurance.com.
Contact: Hana Kim
Mutual Insurance Company of Arizona