AUSTIN, Texas, July 25, 2013 /PRNewswire/ -- Texas Mutual Insurance Company announced today that it has begun distributing $175 million in dividends among approximately 40,000 policyholders. Dividends reward loyal policyholders who share the company's commitment to preventing workplace accidents and helping injured workers get well and back on the job.
This is the 15th consecutive year Texas Mutual has paid dividends, bringing the total to almost $1.4 billion. The company has paid the majority of that total – $1 billion – since 2007.
"Texas Mutual is a policyholder-owned company," Bob Barnes, chairman of Texas Mutual's board, said. "Our focus is on delivering benefits to our policyholder 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 helps employers build their businesses for the future."
Gergasko noted that Texas Mutual cannot guarantee future dividends, and the Texas Department of Insurance must approve all dividends.
About Texas Mutual Insurance Company
Austin-based Texas Mutual Insurance Company is the state's leading provider of workers' compensation insurance, with 38 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