Back in February of 2015, the MTMIC Board of Directors, after reviewing the 2014 company results declared a members dividend of $2.5 million. This dividend was actually two parts: $1.5 million to be paid to members with an outstanding loss ratio and $1 million paid to all members. Checks were issued and delivered in March and early April. If you have read a few newsletters from 2015, you may recall that I wrote about how much fun it was delivering checks and how I looked forward to a “repeat” in 2016.

Well the “repeat” has arrived! I am pleased to report that on February 18, 2016 the Board of Directors completed a review of 2015 MTMIC results. After carefully reviewing company financial results for 2015, they determined that a member’s dividend of $3.5 million would be paid in March of 2016. This is a terrific result for our members and also for MTMIC. The $3.5 million is once again made up of two parts. A member’s loyalty piece of $1.4 million. Last year it was $1 million. Also, a second dividend of $2.1 million for accounts with an outstanding loss ratio. Last year the loss ratio piece was $1.5 million.

Since the board meeting, the staff has been putting together the systems to make sure that all the checks are issued properly and that the distribution process is efficient. We expect to start delivering the checks to members on March 7th. Last year it took about four weeks to complete the process and we anticipate it will be similar this year.

The member dividend is one of the most important benefits of being an MTMIC policyholder. We are not a large commercial company where the profits go to outside investors or other stockholders. Our 824 members receive the rewards from the company operations. Last year while we were pleased with the $2.5 million, being able to increase it for this year will make it even more fun. Like last year, we will take some member pictures for an upcoming MTMIC newsletter. We discovered it was pretty easy for a member to smile once you hand them a check.

On behalf of the Board of Directors, the management team and staff at MTMIC congratulations on having a terrific 2015 year which made this dividend possible. We will see you soon.