Texas Mutual to pay out comp dividends early

Policyholders with Texas Mutual Insurance Co. will receive about $330 million in dividends two months ahead of schedule, the insurer reported in a statement Friday.

Rather than paying dividends in June, the insurer’s board of directors voted unanimously to distribute dividends early to help policyholders weather the economic impact of COVID-19, said Texas Mutual.

About 80% of the company’s policyholders — or roughly 57,000 businesses — will receive a dividend. Checks are expected to be mailed April 20.

Colorado’s Pinnacol Assurance also announced in late March that it would be distributing $70 million in general dividend checks to its customers, with about 95% of its policyholders eligible for a dividend.