Texas Mutual Insurance Co. announced that the Texas Alliance of Energy Producers (TAEP) safety group has earned a $398,735 workers’ compensation dividend, and the Lone Star Energy (LSE) safety group earned a $124,962 dividend.
Both dividends were based largely on each group’s collective workplace safety record.
Safety groups are made up of employers in similar industries. Qualifying members get discounts on their workers’ compensation premiums, access to workplace safety materials tailored to their industries, and potential dividends for preventing accidents.
TAEP is open to qualifying oil and gas production companies. The group has earned $2.6 million in safety group dividends from Texas Mutual since 2006.
The LSE safety group is open to qualifying butane/propane gas operators and dealers. LSE members have shared $1 million in group dividends since 2005.
Many safety group members will also earn a share of the $175 million individual policyholder dividend Texas Mutual’s board of directors approved in May. Individual dividends are based largely on each policyholder’s safety record. Approximately 40,000 policyholders will qualify for an individual dividend. Texas Mutual anticipates distributing individual dividends in late July.
Texas Mutual cannot guarantee future dividends, but the company has a solid history of paying dividends when financial conditions allow.
Since 1999, Texas Mutual has distributed nearly $1.4 billion in safety group and individual dividends among qualifying policyholders. It has distributed the majority of that total – $1 billion – since 2007.
Source: Texas Mutual Insurance Co.
Topics Texas
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