Austin, TX – Qualifying policyholder owners of Texas Mutual Insurance Company will share a $200 million dividend distribution this year, the company’s board of directors announced after a unanimous vote on May 28, 2014.
As a mutual company, Texas Mutual is owned by its policyholders, not stockholders. Texas Mutual’s dividend program rewards these safety conscious policyholder owners who share the company’s commitment to preventing workplace accidents and helping injured workers get back on the job.
This is the 16th consecutive year the board has voted to distribute policyholder dividends, bringing the total to $1.6 billion. The company has paid the majority of that total – $1 billion – since 2008.
“Texas Mutual is a policyholder-owned company,” Bob Barnes, chairman of Texas Mutual’s board, said. “Our focus is on delivering benefits to our employer owners and taking care of their injured workers. Dividends are part of our long-term strategy for helping Texas employers control their workers’ compensation costs.”
Texas Mutual President and CEO Richard Gergasko said the company’s dividend track record reflects its permanent commitment to Texas businesses.
“Texas Mutual is more than a workers’ compensation provider,” Gergasko said. “We are a business partner to Texas employers, and we understand the importance of these dividends to our policyholders. We appreciate the unique relationship that we have with our customers, who are also our owners. This money goes back into the Texas economy and helps employers build their businesses for the future.”
Gergasko noted that dividends are based on performance, are not guaranteed and must comply with Texas Department of Insurance regulations.
Source: Texas Mutual/ECPR