NOTICE: As the Berkshire Hathaway transaction has progressed, timelines and other details have been updated. Though accurate at the time of publication, this post no longer contains the most current information. Please click here for an update.
In the opening letter to the 2016 Annual Report – which is available now on our website – MLMIC President Dr. Robert Menotti shared summary financial information with policyholders and highlighted some of the Company’s accomplishments. In 2016, for example, MLMIC:
- provided meaningful financial relief to policyholders by offering a 20% dividend in 2016, the largest in MLMIC’s 40+ year history;
- worked with our partners to educate elected officials about the adverse consequences of an expanded statute of limitations;
- announced the intention to be acquired by Berkshire Hathaway, which will deliver a significant financial benefit to approximately 30,000 policyholders and enable us to continue to protect them with the high quality insurance they rely on; and
- declared that another 20% dividend would be offered in 2017.
In addition, Dr. Menotti shared news of his pending retirement, noting he’d served as president for 10 years “relishing every minute of it.” Dr. Menotti will remain on the Board.
To read the letter in its entirety and access the full annual report with summary financial information, please click here.