PHOENIX, Jan. 05, 2024 (GLOBE NEWSWIRE) — The Mutual Insurance Company of Arizona® (MICA) announced today that its Board of Trustees has declared a dividend to its policyholders. A total of $15 million will be allocated among current members as of December 31, 2023, the record date. This dividend will be distributed in February 2024.
The dividend represents approximately 18% of a policyholder’s 2023 annual premium for those members insured by MICA for a full three-year period ending on the December 31, 2023 record date. 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 2024.
“We are proud to extend our record of issuing policyholder dividends while rigorously adhering to MICA’s mission to protect, support and defend the practice of medicine,” said Edward G. Marley, MICA’s President and CEO. “This dividend distribution is a testament to MICA’s longstanding financial strength and stability, and we are delighted to share the company’s success with our members.”
Following the February 2024 dividend distribution, MICA will have returned $730 million in dividends to its policyholders since inception, including over $100 million in the last five years.
Since 2005, the MICA Board of Trustees has awarded dividends to our policyholders each year. Past performance does not guarantee future dividends.
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.
Since 1976, 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 coverage 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