AUSTIN Texas Mutual Insurance Company, a policyholder-owned company and the state’s leading provider of workers’ compensation insurance, has distributed $330 million in dividends to over 57,000 policyholders across the state. Of those businesses, 636 of them are in Ector County and they received a total of $6.7 million in dividends, which can be used to reinvest back into their businesses and local communities.
“We’re proud to be a stable source of workers’ compensation coverage for the state, and proud to have stood resilient during a tough year. Because of that, we were able to reward our policyholders who put safety first,” said Ron Simmons, Texas Mutual board chairman. “This year’s $330 million dividend distribution represents our commitment to helping our policyholders keep hard-working Texans safe on the job.”
The dividend program allows Texas Mutual to share its success with loyal policyholders who display a commitment to preventing workplace accidents and helping injured workers get back on the job. About 79% of Texas Mutual’s customers received dividends this year, which are based on each company’s loss ratio and history with Texas Mutual.
“Texas Mutual standing by local businesses and giving support through difficult times makes such a difference in our local community,” said Gary Felker, president of Milam Felker Insurance. “Ector County businesses have always been committed to workplace safety and are so thankful for this recognition by Texas Mutual.”
“The pandemic has had a significant impact on businesses across the state, so we’re honored our policyholders trusted us to continue protecting their businesses and employees,” said Rich Gergasko, president and CEO of Texas Mutual. “With our dividend program, we’re able to give back to our policyholders who are putting safety first and leading safe workplaces.”
Texas Mutual awarded its first dividend in 1999, making this the 23rd year of the program and bringing the total delivered back to Texas businesses to $3.4 billion. While dividends have been annually awarded, they’re based on performance and are not guaranteed. Additionally, dividends must comply with Texas Department of Insurance regulations.
