Texas Mutual Wraps up $150M Dividend Distribution
AUSTIN, Texas, Nov. 15, 2012 /PRNewswire/ -- Texas Mutual Insurance Company announced today that it is distributing approximately $1.8 million in workers' compensation dividends. Approximately 3,000 new policyholders earned dividends based largely on their workplace safety and claim management records.
"As a mutual insurance company, our responsibility is to our policyholders," said Bob Barnes, chairman of Texas Mutual's board of directors. "They own the company, and this money belongs to them. We are proud to share Texas Mutual's success with those who have contributed to that success."
These dividends represent the final component of Texas Mutual's $150 million individual policyholder dividend distribution in 2012. Individual dividends are separate from the dividends Texas Mutual pays to qualifying safety groups. Many policyholders qualify for dividends under both programs.
By the end of 2012, Texas Mutual will have paid $1.2 billion in safety group and individual policyholder dividends. The majority of that total – more than $1 billion – will have been paid since 2005.
Texas Mutual President Ron Wright said the company's dividend track record is a direct reflection of its financial strength, as well as policyholders' efforts to keep employees safe and return injured workers to their jobs.
"Our status as a mutual company gives us the freedom to focus on what matters most: preventing workplace accidents and their associated costs," said Wright. "Texas Mutual is fortunate to have owners who share our vision. I hope this return on their investments will keep their businesses strong far into the future."
Texas Mutual notes that past dividends are not a guarantee of future dividends. All dividend plans require Texas Department of Insurance approval.
About Texas Mutual Insurance Company
Austin-based Texas Mutual Insurance Company is the state's leading provider of workers' compensation insurance, with approximately 34 percent of the market. Since 1991, the company has provided a stable, competitively priced source of workers' comp insurance for Texas employers. Helping employers prevent workplace accidents is a major part of Texas Mutual's mission.
Contact: Terry Frakes
Senior Vice President, Public Affairs
SOURCE Texas Mutual Insurance Company