AUSTIN, Texas— RecentlyTexas Mutual Insurance Company began distributing $155 million in workers’ compensation dividends.
Texas Mutual estimates that about 77 percent of its policyholders will earn a dividend based largely on their premium sizes, workplace safety records and tenures with the company.
“As a mutual insurance company, Texas Mutual is not publicly traded, and it does not answer to stockholders,” said Bob Barnes, chairman of Texas Mutual’s board of directors. “Our policyholders – the Texas entrepreneurs who put their trust in us every day – own the company. When Texas Mutual enjoys financial success, it has a solid history of sharing with those who have contributed to that success.”
By the end of this year, Texas Mutual will have paid more than $1 billion in policyholder dividends since 2000. That number includes a combined $260 million in 2008 and 2009, at the height of the recession.
Texas Mutual President Ron Wright said the company’s dividend track record is a direct reflection of policyholders’ efforts to keep employees safe and on the job.
“Texas Mutual is fortunate to have more than 50,000 owners who share its vision of a safer, more productive state,” said Wright. “Our policyholders have invested in their safety programs and supported injured workers during their recoveries. I hope this return on their investments will keep their businesses strong far into the future.”
Wright noted that Texas Mutual cannot guarantee future dividends, and all dividends require Texas Department of Insurance approval.
Source: Texas Mutual