View this article online: https://www.insurancejournal.com/news/west/2004/06/01/42763.htm
More than 30,000 Arizona companies will be rewarded for maintaining safe workplaces within the next year, as SCF of Arizona, the state’s largest workers’ compensation insurance carrier, will pay out $65 million in dividends to its qualifying businesses.
SCF’s Board of Directors increased the dividend payout by 30 per cent compared to last year’s total of $50 million in 2002. SCF policyholders that have maintained good safety records and kept their workers’ compensation insurance costs in check will reap the benefits from their cooperative efforts with SCF. If history provides a pattern, many of the companies receiving dividends reinvest into their companies resulting in economic growth for the state.
“SCF of Arizona has become a model for workers’ compensation insurance carriers around the country,” says Judith Patrick, Vice Chair of SCF’s Board of Directors. “We are pleased SCF was able to substantially increase this year’s dividend.”
After the Board reviewed 2003 year-end operating results, which reflected the financial success SCF experienced during the year, it voted on the dividend amount and Patrick thanked SCF’s staff for “making us a role model and for another successful year.”
The amount of the dividend policyholders receive depends on their annual premium as well as incurred losses (claims). Dividends will be mailed beginning in July.
With this year’s declaration total dividends returned to Arizona’s business community now exceed $1 billion, since SCF began operations as a separate entity in 1969.