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Member, Beacon International Group, Ltd.
The nonprofit Tennessee Municipal League Risk Management Pool on Thursday said it will distribute fiscal year 2016 dividends distribution of $2.5 million to its members.
The Brentwood, Tennessee-based insurance cooperative provides insurance and risk management services for Tennessee’s municipalities and local public agencies. Membership include municipal police, fire, water, sewer, electric, administration, public works, and parks and recreation departments, along with municipal utilities, community action agencies, economic development commissions, human resource agencies, industrial development boards, municipal and special school districts, housing agencies, development districts and emergency communications systems, the pool said in a statement.
Having a less than 100 % loss ratio in a particular line of business like liability, workers compensation and property is the criteria that members have to meet to receive a dividend. A member can be ineligible for a dividend in one line of business, but could be eligible in the other two, according to the statement.
The pool has distributed a total of $98 million in dividends to its members through its annual dividend program, which began in 1996. Dividends are calculated based on the members individual ratios for all of the years they have been a member.
“As we commemorate our 35th anniversary, we also celebrate 20 years of returning excess surplus to pool members,” Dawn Crawford, president and CEO of the cooperative, said in the statement.