Austin, TX – Texas Mutual Insurance Company recently announced that it will distribute $3.5 million in early qualifier dividends to over 3,000 newer policyholder owners across Texas. This is the final phase of the company’s $330 million dividend distribution to over 60,000 policyholders this year.
“We know that supporting our policyholders is more important than ever,” said Texas Mutual President and CEO Rich Gergasko. “Which is why we’re proud to recognize newer policyholders who share our commitment to workplace safety, and help them reinvest in their businesses and their people.”
Early qualifier dividend recipients are those who haven’t been a Texas Mutual policyholder long enough to qualify for a regular dividend but are already maintaining safe workplaces. This includes those who have a good loss ratio on their first-year policy with Texas Mutual and have renewed their policy during the first half of the year.
In April, Texas Mutual’s board of directors voted unanimously to approve $330 million in policyholder dividends and begin distribution two months ahead of schedule, in response to the coronavirus pandemic. With the uncertainty this year has brought, Texas Mutual found it important to support their policyholders and contribute to their financial stability during such a critical time.
While Texas Mutual has awarded dividends each year since 1999, they are based on performance and therefore are not guaranteed. Additionally, dividends must follow Texas Department of Insurance regulations.
Source: Texas Mutual