The dividend follows an $8.1 million dividend paid in November 2020
KEMI, Kentucky’s leading workers’ compensation insurance provider, is issuing a dividend of $8.2 million to eligible policyholders. The dividend is a result of proactive management of claims by KEMI and its policyholders.
“Kentucky businesses have shown great resilience following the devastating effects of the global pandemic, and we believe this dividend will further accelerate the economic recovery for our policyholders,” said Jon Stewart, president and chief executive officer of KEMI.
Over 13,500 policyholders will receive a dividend payment from KEMI, and the average check per policyholder is $600. To qualify, policyholders must have a current active policy with KEMI and a loss ratio of less than or equal to 65% for the 2018 policy year. Dividend checks will be printed and mailed by KEMI starting on August 4, 2021.
In November 2020, KEMI issued a dividend of $8.1 million and lowered overall rates by 6.4% which resulted in substantial savings for our policyholders. KEMI issued a refund of $6.75 million to the Kentucky School Board Insurance Trust (KSBIT) Workers’ Compensation Fund, bringing the total returned to those schools over the past two years to over $16 million.
KEMI also took over the Kentucky Coal Workers’ Pneumoconiosis Fund in 2017. Further demonstrating our commitment to proactively managing workers’ compensation claims and supporting Kentucky businesses, KEMI anticipates returning an estimated $20 million of excess funds to eligible coal operators. Refund checks will go out by the end of August.