MML boards announce dividends
ANN ARBOR — Members of the Michigan Municipal League’s insurance programs will share dividends totaling $13.6 million in 2021.
“This is welcome news for almost a thousand Michigan cities, villages, counties, townships, and other public entities whose finances have been severely affected by the pandemic,” MML officials said in the announcement.
The Workers’ Compensation Fund Board of Trustees has voted to return $12 million in dividends to its member-owners.
This follows a total of $48 million in dividends issued over the previous five years, corresponding to about 29 percent of members’ premiums during the same period.
The Liability & Property Pool Board of Directors has authorized dividends that will return $1.6 million to member-owners who renew coverage in 2021. Over the previous five years, the pool has issued $11 million in dividends, representing about 11% of members’ premiums during the same period, officials said in the announcement.
“Even during an extraordinary year, the league’s members continued to demonstrate leadership and focus on preventive measures that improve safety and reduce risks and claims,” Director of Risk Management Services Michael Forster said in the announcement. “We thank our members–their efforts enable the insurance programs to return the resulting savings back to their communities in the form of dividends.”
The MML Liability & Property Pool and Workers’ Compensation Fund are nonprofit self-insurance pools owned and governed by their members.
“The programs offer stable, cost-effective, and broad coverage options and maintain solid financial positions,” officials said in the announcement. “Risk management services are provided by municipal specialists with decades of experience.
“For over 100 years, the Michigan Municipal League has sought to represent, inspire, and educate its members through legislative and legal advocacy, redevelopment and civic innovations assistance, grants, insurance and risk management, and the big-picture vision of Community Wealth Building. Elected and appointed officials benefit from trainings in the nuts and bolts of governance, a treasure trove of resources, and a dedicated team of member services staff.”