Texas Mutual Board Approves $175M Policyholder Dividend Distribution
The policyholder owners of Texas Mutual Insurance Company will share a $175-million dividend distribution this year, the company’s board of directors announced after a unanimous vote on May 7, 2013.
This is the 15th consecutive year that the board has voted to distribute policyholder dividends, bringing the total to almost $1.4 billion. It has paid the majority of that total – $1 billion – since 2007.
Dividends reward loyal policyholders who share Texas Mutual’s commitment to preventing workplace accidents and helping injured workers get back on the job.
Texas Mutual plans to begin distributing dividends among qualifying policyholders according to its normal schedule.
“Texas Mutual is a policyholder-owned company,” Bob Barnes, chairman of Texas Mutual’s board, said. “Our singular focus is on delivering benefits to our employer owners and taking care of their injured workers. Dividends are part of our long-term strategy for helping Texas employers control their workers’ compensation costs.”
Texas Mutual President and CEO Richard Gergasko said the company’s dividend track record reflects its permanent commitment to Texas businesses.
“Texas Mutual is more than a workers’ compensation provider,” Gergasko said. “We are a business partner to Texas employers, and we understand the importance of these dividends to our policyholders. This money goes back into the Texas economy and help employers build their businesses for the future.”
Gergasko noted that Texas Mutual cannot guarantee future dividends, and the 2013 dividend plan requires Texas Department of Insurance approval.
Source: Texas Mutual Insurance Company