Utah’s Workers’ Compensation Fund has declared a $10 million dividend that will be distributed to a majority of policyholders in June. Policyholders can expect to receive 4.5 percent of their earned premium attributable to the 2008 calendar year, the Fund said.
“We understand the current economic situation has put a strain on our policyholders. Workers Compensation Fund has also been challenged due primarily to unfavorable investment markets. However, WCF remains financially strong and has enjoyed favorable underwriting results,” said Ray Pickup, WCF CEO and president. “Accordingly, WCF feels that it is important to issue a dividend to policyholders, who are the owners of the company, as it has annually since 1990.”
More than 24,000 businesses in Utah will receive a portion of the $10 million policyholder dividend. Dividends are paid from WCF’s surplus, which is created from the company’s operational efficiencies and investment portfolio performance.
Salt Lake City-based Workers Compensation Fund is Utah’s workers’ compensation insurance provider, promoting workplace safety to more than 25,000 Utah companies. WCF was established in 1917 and is owned by its policyholders and governed by a board of directors.
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