Louisiana’s largest workers’ compensation insurance carrier, Louisiana Workers Compensation Corporation (LWCC), is issuing $136 million in dividend checks to policyholders during October.
LWCC is a single state, single line mutual insurance company that shares profits with policyholders when it achieves strong financial results.
The company announced its October dividend distribution plan in August. The payments will go to approximately 20,000 businesses throughout the state.
In its August announcement, LWCC said while future dividends aren’t guaranteed, it expects to proceed with its normal dividend program, distributing an end-of-2019 dividend in the second quarter of 2020.
In a media release, the Louisiana Department of Insurance said with the current $136 million dividend distribution, LWCC will have returned a total of $187 million to policyholders this year. In April, the company issued dividend payments totaling $51 million.
Headquartered in Baton Rouge, LWCC has more than 240 employees and serves more than 20,000 policyholders. It was originally chartered in 1992 to provide competitive and residual market coverage, according to the LDI.
The company said it has returned $848 million to policyholders through the dividend program over a period of 16 consecutive years.
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