Texas Mutual Insurance Co. announced a $450,058 workers’ compensation dividend to the National Federation of Independent Business (NFIB) construction safety group. The dividend was based largely on the safety group’s overall loss ratio.
Members of the NFIB construction safety group have shared in $3.4 million in group dividends since 2003.
Unlike publicly traded insurance companies, mutual companies are owned by their policyholders. Dividends allow Texas Mutual to share its financial success with its policyholder owners.
Safety group dividends are separate from the $155 million in individual policyholder dividends Texas Mutual distributed last year. Since 2000, the company has injected more than $1 billion into the Texas economy through its group and individual dividend programs.
In addition to potential dividends, NFIB safety group members get discounts on their workers’ compensation premiums. They also have access to workplace safety materials designed for their operations.
Texas Mutual notes that past dividends are not a guarantee of future dividends, and the Texas Department of Insurance must approve all dividends.
Source: Texas Mutual Insurance Co.
Topics Texas Construction
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