Texas Mutual approves $340 million policyholder dividend

Texas Mutual approves $340 million policyholder dividend | Insurance Business Canada

Insurance News

Texas Mutual approves $340 million policyholder dividend

69,000 business owners to reap the benefits

Texas Mutual Insurance Company’s board of directors have unanimously voted to approve a $340 million dividend distribution in 2023.

An estimated 69,000 Texas business owners, representing 92% of the insurance company’s policyholders, will be in for a windfall, Texas Mutual said in a press release.

This marks the 25th consecutive year that Texas Mutual has paid out dividends and brings the total returned to Texas businesses to more than $4 billion since 1999. Policyholders earn dividends for “their commitment to safety and time” with Texas Mutual, it said.

“Texas Mutual is appreciative of the Texas businesses doing their part to keep our workforce safe,” said Ron Simmons, chairman of Texas Mutual’s board. “Our dividend program gives us an opportunity to show that appreciation by sharing our financial success with these businesses and create a positive effect on Texas’ economy.”

Texas Mutual president and CEO Jeanette Ward said: “Texas Mutual’s policyholders across the state play a fundamental role in our mission to create a stronger, safer Texas.

“We’re proud to continue our dividend program for the 25th year, rewarding our policyholders who share in this mission and do the work to protect Texans on the job.”

The dividend program “highlights the company’s mission to create safe work environments across the state and ensure hardworking Texans get home safely every day”, Texas Mutual said in the press release.

This year’s dividends will be distributed in June.

Policyholder-owned Texas Mutual provides workers’ compensation coverage to more than 75,000 businesses in the state.