Austin, TX – Texas Mutual Insurance Company, a policyholder-owned company, recently awarded a dividend of $866,958 to the Social Services Agencies of Texas workers’ compensation 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.
“These social services organizations help make this state a better place,” said Texas Mutual President and CEO Rich Gergasko. “It’s a pleasure to be able to return this dividend to them to recognize their safety efforts.”
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, Social Services Agencies of Texas safety group members also receive discounts on their workers’ compensation premiums and have access to free workplace safety materials designed for their industry.
“It’s great that Texas Mutual rewards strong safety records with dividends,” said Social Services Agencies of Texas Safety Group Manager Randall Hedlund. “This dividend will help these organizations as they continue to improve our communities.”
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 in the last seven years.
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