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VACAVILLA, Calif.—The California State Compensation Insurance Fund said Friday that it plans to distribute a $50 million dividend to certain policyholders—the first time it has done so in a decade.
California's largest workers comp insurer said its board approved the dividend Friday after determining that the state fund “has adequate surplus, and is making good progress on its expense management and underwriting discipline.”
The dividend, which represents about 5.2% of SCIF's estimated annual premiums for 2011, will be applied to 2012 premiums for policyholders whose accounts are in good standing, the insurer said.
The SCIF said it last declared a dividend in 2001.
In a statement, President and CEO Tom Rowe said the dividend is part of a "dramatic transformation" for SCIF. The insurer announced last month that it plans to cut 1,500 to 1,800 jobs next year as part of a $350 million cost-saving plan.
“We have developed and are implementing a strategy that overhauls every aspect of how we do business,” Mr. Rowe said in the statement. “This dividend is a down payment on our commitment to help California employers manage the cost of their workers compensation insurance.”
SAN FRANCISCO—The California State Compensation Insurance Fund will cut 1,500 to 1,800 jobs, or about 25% of its workforce, next year as part of a $350 million cost-saving plan, the state insurer said Thursday.