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TxOGA Earns $4.5M Texas Mutual Dividend

07 Jul, 2009 WorkersCompensation.com

                               
Austin, TX (CompNewsNetwork) - Texas Mutual Insurance Company announced a $4.5 million dividend to Texas Oil & Gas Association (TxOGA) workers' compensation purchasing group today. This marks the largest group dividend in Texas Mutual's history. It is based primarily on TxOGA's premium volume and loss ratio.

For TxOGA President Rob Looney, the announcement was a welcome surprise in today's troubled economy.

"There's no question our industry is in a slow-down," said Looney. "With natural gas prices down from $12 per thousand cubic feet to less than $4, drilling is less than half the pace of last year. The dividend will go a long way toward helping TxOGA members survive during the recession and come back stronger than ever."

The TxOGA purchasing group has earned $12.7 million in dividends from Texas Mutual since 2001. Many members have also earned a share of the more than
$670 million in individual policyholder dividends that Texas Mutual has paid during the past 11 years.

In addition to potential dividends, TxOGA purchasing group members get a discount on their workers' compensation premium and an industry-specific safety plan.

Any licensed Texas agent can submit qualifying clients for consideration in the TxOGA purchasing group. For more information, visit texasmutual.com/agents/pr_txoga.shtm.

Texas Mutual notes that past dividends are not a guarantee of future dividends. The Texas Department of Insurance must approve all dividends.

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