AUSTIN, Texas – Texas Mutual Insurance Company announced today that three workers’ compensation safety groups have earned a combined $435,324 in dividends. The dividends were based largely on each group’s overall loss ratio.
The largest dividend, $261,132, went to the Texas Automotive Safety Group. The group has earned $651,000 in Texas Mutual dividends since 2010.
Members of the Texas Lodging Safety Group earned a $137,587 dividend, nearly doubling their 2011 dividend.
The $36,605 dividend check that went to the Texas Produce Association safety group marked the group’s seventh consecutive Texas Mutual dividend.
Unlike publicly traded insurance companies, mutual insurance companies are owned by their policyholders. Dividends allow Texas Mutual to share its financial success with its policyholder owners.
In addition to potential dividends, safety group members get discounts on their workers’ compensation premiums. They also have access to workplace safety materials designed for their operations.
Texas Mutual notes that past dividends are not a guarantee of future dividends, and the Texas Department of Insurance must approve all dividends.
Source: Texas Mutual