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Austin, TX (CompNewsNetwork) - Texas Mutual Insurance Company's board of
directors approved the company's plan to distribute approximately $150 million in
policyholder dividends. Dividends reward safety-conscious employers who have favorable loss
histories.
The dividend plan, the largest in the company's history, includes
a $75 million special dividend in recognition of the company's excellent financial results
in 2007.
"Texas Mutual management and board of directors are making two
important statements with this generous dividend plan," said Richard A. Cooper, chairman
of the board.
"First, the company is financially stable and prepared to serve
Texas long into the future. Second, when financial conditions allow, we will reward
policyholders who share our commitment to preventing workplace accidents and controlling
claim costs," said Cooper.
The dividend plan still requires Texas Department of
Insurance approval. Texas Mutual Insurance Company anticipates mailing dividend checks in
late July. Qualifying policyholders' shares will be based on their premium size, loss
ratio and coverage history with Texas Mutual.
For more information about the
company's 2008 dividend plan, visit the News and Publications section at
texasmutual.com.
Texas Mutual Insurance Company has declared more than $595 million in individual
policyholder dividends since 1999. The company has declared $36.2 million more in dividends
to members of its group discount programs.
Texas Mutual Insurance Company is
the state's leading provider of workers' compensation insurance, with offices in Austin,
Dallas, Houston and Lubbock. The company notes that past dividends are not a guarantee of
future dividends, and the Texas Department of Insurance must approve all dividends before
distribution.
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