Austin, TX – Texas Mutual Insurance Company, a policyholder-owned company, recently awarded a dividend of $73,699 to the Texas Lumber and Wood Products (TWLP) safety group. The dividend was earned based on the group members’ dedication to making safety a priority in their businesses and therefore keeping the group’s loss ratio low.
“The Texas Lumber and Wood Products safety group has demonstrated its commitment to keeping workers safe and keeping costs low,” said Texas Mutual President and CEO Rich Gergasko. “Texas Mutual is privileged to reward such responsible policyholder partners with dividends.”
Since 1999, Texas Mutual has distributed more than $125 million in safety group dividends among qualifying safety groups. Many group members also qualify for individual policyholder dividends from Texas Mutual based largely on their companies’ loss ratios.
In addition to potential dividends, TWLP safety group members also receive discounts on their workers’ compensation premiums and have access to free workplace safety materials designed for the wood and lumber industry.
“It’s great to partner with a company that cares as much about the safety of our employees as we do,” said Jim Roskopf, safety group program manager. “Texas Mutual dividends are an invaluable tool in helping TWLP employers keep costs low while maintaining worker safety.”
Texas Mutual has distributed $1.8 billion in safety group and individual policyholder dividends since 1999. The majority of that total – $1 billion – has been distributed since 2010.
While Texas Mutual has awarded dividends each year since 1999, they are based on performance and therefore not guaranteed. Additionally, dividends must comply with Texas Department of Insurance regulations.
Source: Texas Mutual/EC PR