Austin, TX – Texas Mutual Insurance Company, a policyholder-owned company, recently awarded a dividend of $623,341 to the Lone Star Auto Dealers Association (LSADA) Safety Group, which includes franchised auto, truck, RV, boat and motorcycle dealerships.
This year’s dividend from Texas Mutual brings the total dividend payout for LSADA to more than $9.7 million.
“Texas Mutual is committed to rewarding the efforts of safety groups like the Lone Star Auto Dealers and its members for making Texas workers’ safety a priority,” said Texas Mutual President and CEO Richard Gergasko. “We’re proud to partner with an association that shares our commitment to creating safe environments for employees.”
Since 1999, Texas Mutual has distributed nearly $235 million in dividends to qualifying safety groups. Many group members also qualify for individual policyholder dividends from Texas Mutual based largely on their companies’ loss ratios. In total, the company has paid $2.8 billion to policyholders across the state since 1999. The dividends, which are based on performance and therefore aren’t guaranteed, depend on the group members’ dedication to making safety a priority in their businesses as well as keeping the group’s loss ratio low. Additionally, dividends must comply with Texas Department of Insurance regulations.
“When our members invest in safety, they’re setting the standard for dealerships across the state,” said Brad Wicker, LSADA group administrator. “That’s a meaningful investment that we see returned in the form of dividends through our long-standing partnership with Texas Mutual.”
In addition to potential dividends, safety group members receive discounts on their workers’ compensation premiums and have exclusive access to free workplace safety materials that are relevant to their industry. Texas Mutual offers more than 2,000 free safety resources, including more than 400 e-Learning online modules, to help keep their workers safe.
Source: Texas Mutual