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UT WCF Announces $10 Million Dividend

18 May, 2009 WorkersCompensation.com

                               
Salt Lake City, UT (CompNewsNetwork) - Workers Compensation Fund has declared a $10 million dividend that will be distributed to a majority of policyholders this June. Policyholders can expect to receive 4.5 percent of their earned premium attributable to the 2008 calendar year.

"We understand the current economic situation has put a strain on our policyholders. Workers Compensation Fund has also been challenged due primarily to unfavorable investment markets. However, WCF remains financially strong and has enjoyed favorable underwriting results," said Ray Pickup, WCF CEO and President. "Accordingly, WCF feels that it is important to issue a dividend to policyholders, who are the owners of the Company, as it has annually since 1990."

With this distribution, WCF will have returned more than $320 million in dividends to its policyholders since 1990. Dividends are paid from WCF's surplus, which is created from the company's operational efficiencies and investment portfolio performance.

"During this time we are pleased to be in a position to share our financial results with our loyal policyholders," Pickup said. "We are committed to remain financially strong by continually implementing innovative business practices and helping policyholders create a safer workplace."

More than 24,000 businesses in Utah will receive a portion of the $10 million policyholder dividend.

"I appreciate working with an insurance company that is willing to return a portion of our premium based upon positive results. It's just one more reason for me as a policyholder to invest in safety to keep my employees safe," said Holly Henrie, Director of Human Resource & Safety for Roofers Supply, a policyholder of WCF.

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