AUSTIN, Texas, May 8, 2019 /PRNewswire/ -- Texas Mutual Insurance Company, the state's leading workers' compensation provider, announced today that its board of directors voted unanimously to approve a company-record $330 million dividend distribution in 2019. The company will distribute dividends to over 55,000 business owners, who are policyholder owners of the company, in late June.
Texas Mutual paid its first dividend in 1999, and this year's payout brings the total to $2.8 billion delivered back to Texas businesses over the last 21 years. The dividend program is the company's way of sharing its success with its customers who prevent workplace accidents and help injured workers get back on the job.
"Texas Mutual's strong reputation is backed by the success of its dividend program, which makes a meaningful impact on the state's economy year after year," said Ron Simmons, chairman of Texas Mutual's board. "Delivering $330 million to our policyholder owners contributes to their bottom line and strengthens their commitment to workplace safety."
Texas Mutual President and CEO Rich Gergasko said the dividend distribution underscores policyholders' contributions to the company's success and their dedication to keeping Texas workers safe on the job.
"We're proud to share our success with our policyholder owners who demonstrate a responsibility to their employees' safety and well-being," Gergasko said. "We think that's worth rewarding and supports our mission to build a stronger, safer Texas."
While Texas Mutual has awarded dividends each year since 1999, they are based on performance and therefore are not guaranteed. Additionally, dividends must comply with Texas Department of Insurance regulations.
About Texas Mutual Insurance Company
Austin-based Texas Mutual Insurance Company, a policyholder-owned company, is the state's leading provider of workers' compensation insurance. Texas Mutual provides coverage to 43% of the market, representing 70,000 companies, many of which are small businesses. Since 1991, the company has provided a stable, competitively priced source of workers' comp insurance for Texas employers. Helping employers prevent workplace accidents is an important part of Texas Mutual's mission.
SOURCE Texas Mutual Insurance Company