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A $21 million dividend will be distributed to WCF Insurance policyholders this week, Utah's insurer of last resort said Monday.
More than 19,000 businesses in Utah will receive a portion of the $21 million dividend, which is equal to 10% of their 2015 premium, Salt Lake City-based WCF said in a statement.
“Policyholders are receiving a dividend because we had an outstanding year in 2015,” WCF President and CEO Ray Pickup said in the statement. “Claims decreased relative to premium, and the amount of payroll insured by WCF increased because of Utah's strong economy. The company's investments also performed well in 2015, which contributed to our financial success.”
Last May, the fund distributed a $12 million dividend to the majority of its policyholders, according to a 2015 statement.
With this distribution, the fund will have paid more than $402 million in dividends to its policyholders since 1992, according to the statement.