Texas Mutual to distribute $225 million dividend
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Texas Mutual Insurance Co.'s board of directors has unanimously decided to share a $225 million dividend distribution with qualifying policyholders this year, the workers compensation insurer said.
This is the 17th consecutive year that Texas Mutual's board has voted to distribute dividends to “policyholder owners who have made a commitment to preventing workplace accidents and helping injured workers get back on the job,” according to a statement released Thursday.
The agreed-upon $225 million dividend brings the total dividends distributed since 2010 to more than $1 billion, the statement says.
Texas Mutual President and CEO Rich Gergasko said in the statement that, while the company “has awarded dividends each year since 1999, they are based on performance and therefore are not guaranteed.”
According to the company's website, it insures 40% of the Texas workers comp market.
“Texas Mutual's policyholder owners greatly contribute to the success of the organization by keeping their workers compensation losses low,” Bob Barnes, chairman of Texas Mutual's board, said in the statement. "We value that contribution and are proud to recognize it year after year with dividends that help Texas employers control their costs even further."
The $225 million dividend will be distributed beginning in July, according to the statement.
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