The board of Mutual Insurance Company of Arizona declared a dividend for its policyholders totaling $15 million.
The funds are to be allocated among current members, with plans for it to be distributed in February 2024.
The dividend represents roughly 18% of a policyholder’s 2023 annual premium for members insured by MICA for a full three-year period ending on the Dec. 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, according to the company.
Following the dividend distribution, MICA reports returning $730 million in dividends to its policyholders since inception, including more than $100 million in the last five years. Since 2005, MICA’s board has awarded dividends to our policyholders each year.
Additional information regarding the dividend will be available on the member portal in early February 2024.
MICA is a physician-owned and physician-directed mutual insurance company focused on providing medical professional liability insurance.
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