Austin, TX – Texas Mutual Insurance Company recently announced that its board of directors voted unanimously to approve a company-record $280 million dividend distribution in 2018.
Nearly 75 percent of policyholder owners will receive a check from Texas Mutual in recognition of providing safe work environments for their employees. These exemplary safety practices contribute to the financial strength of Texas Mutual, allowing the company to pay dividends that, in turn, help drive the state’s economy. This is the 20th consecutive year the company has distributed dividends, bringing the total to $2.5 billion delivered back to Texas businesses. More than half has been paid in the last five years alone.
Texas Mutual shares its success with its customers who ensure that their workers are able do their jobs safely and return home every day. Many of these employers also work with Texas Mutual to help those who are injured on the job recover and return to a productive life.
“Rewarding employers for making safety a priority is one way Texas Mutual puts its mission of building a stronger, safer Texas into action,” said Bob Barnes, chairman of Texas Mutual’s board. “We’ve distributed over $1 billion in dividends to our policyholder owners over the last four years alone, which have supported programs to keep countless Texas workers safe on the job. We’re proud to reward our policyholders, but we’re even prouder to partner with them to keep Texans safe.”
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Texas Mutual President and CEO Rich Gergasko said the dividend distribution has the power to positively affect individual business owners and their employees.
“As we prepare to distribute $280 million in dividends this year, we are mindful of the impact it will make on more than 50,000 business owners and their employees,” Gergasko said. “Many employers use dividends to help support their businesses financially, or even invest in safety programs that will keep workers safer in the future. It’s a privilege to play a small part in the success of Texas businesses and their employees.”
Gergasko noted that while Texas Mutual has awarded dividends each year since 1999, they are based on performance and therefore are not guaranteed. Additionally, dividends must comply with Texas Department of Insurance regulations.
Source: Texas Mutual