Texas Mutual Insurance Co., working in partnership with Care Providers Insurance Services, announced today that the Social Service Agencies of Texas (SSA) safety group has earned a $280,638 dividend.
The workers’ compensation dividend was based largely on the group’s overall safety record.
“Social service agencies operate on lean budgets, and every dollar counts,” said Randall Hedlund, director of Care Providers Insurance Services, the SSA safety group administrator. “We’re very proud of our group’s safety record, and dividends help them continue to deliver much-needed services to the people of Texas.”
Since 2005, Texas Mutual has paid nearly $2 million in group dividends to SSA members. That total is in addition to individual policyholder dividends group members have earned. Individual dividends are based largely on each policyholder’s safety record.
Unlike publicly traded insurance companies, mutual insurance companies are owned by their policyholders. Dividends allow Texas Mutual to share its financial success with its policyholder owners.
By the end of the year, Texas Mutual will have paid $1.2 billion in dividends. The majority of that total — more than $1 billion — will have been paid since 2005.
Texas Mutual notes that past dividends are not a guarantee of future dividends. The Texas Department of Insurance must approve all dividends.
Source: Texas Mutual
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