Texas Mutual Issues $524K in Dividends

                               

Texas Mutual Insurance Company announced today that the Texas Alliance of Energy Producers (TAEP) safety group has earned a $398,735 workers' compensation dividend, and the Lone Star Energy (LSE) safety group earned a $124,962 dividend. 

Both dividends were based largely on each group's collective workplace safety record. 

“Even though the oil and gas industry can be very dangerous, our members value their employees' safety, and they invest the resources necessary to protect workers on the job,” said Alex Mills, president of TAEP. “These dividends speak volumes about Texas Mutual's commitment to rewarding employers who are doing the right things in regard to workplace safety.”

Safety groups are made up of employers in similar industries. Qualifying members get discounts on their workers' compensation premiums, access to workplace safety materials tailored to their industries, and potential dividends for preventing accidents.

TAEP is open to qualifying oil and gas production companies. The group has earned $2.6 million in safety group dividends from Texas Mutual since 2006.

“Texas Mutual is on a mission to make our state a safer, more productive place to work,” said Rich Gergasko, Texas Mutual president and CEO. “TAEP and LSE members clearly share our vision. We thank them for investing the time and resources to keep workers safe on the job.”

The LSE safety group is open to qualifying butane/propane gas operators and dealers. LSE members have shared $1 million in group dividends since 2005.

“The fact that our group has earned nine consecutive dividends is indicative of how seriously we take safety,” said John Kelly of Kelly Propane and Fuel in Wichita Falls, Texas. “Texas Mutual is our business partner. They support everything we do to help our employees go home injury-free at the end of the day.”

Many safety group members will also earn a share of the $175 million individual policyholder dividend Texas Mutual's board of directors approved in May. Individual dividends are based largely on each policyholder's safety record. Approximately 40,000 policyholders will qualify for an individual dividend. Texas Mutual anticipates distributing individual dividends in late July.

Gergasko noted that Texas Mutual cannot guarantee future dividends, but the company has a solid history of paying dividends when financial conditions allow. 

Since 1999, Texas Mutual has distributed nearly $1.4 billion in safety group and individual dividends among qualifying policyholders. It has distributed the majority of that total – $1 billion – since 2007.

 

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