Texas Mutual Pays $2.3M Dividend to CompGroup AGC
September 23, 2008 - Texas Mutual Insurance Company announced a $2,260,775 dividend to the CompGroup AGC workers’ compensation Safety Group today. The dividend was based largely on the group’s favorable loss ratio.
CompGroup AGC members have shared in more than $12 million in group dividends since 2002.
“Safety is ingrained in everything our members do,” said George Cumming, CompGroup AGC president. “Our dividend track record speaks for itself. We’re proud of our members for keeping their workers safe and on the job.”
CompGroup AGC is open to qualifying general and specialty construction contractors. Members have access to an industry-specific safety plan, job site inspections, safety courses, accident investigations, updates on safety regulations, interactive online safety tools and a multimedia library of safety materials.
Any licensed Texas agent can submit clients for consideration in CompGroup AGC. For more information, visit compgroupagc.org.
Texas Mutual notes that past dividends are not a guarantee of future dividends, and the Texas Department of Insurance must approve all dividends.
Lumber and Wood Group Earns
$41K Texas Mutual Dividend
September 19, 2008 - Texas Mutual Insurance Company announced a $41,841 dividend to the Texas Lumber and Wood Products (TLWP) workers’ compensation Safety Group today. The dividend was based largely on the group’s favorable overall loss ratio.
TLWP is open to qualifying loggers, sawmills and most forms of wood products manufacturing. Group members get a premium discount and access to an industry-specific safety plan. In addition to group dividends, TLWP members are eligible for individual dividends based largely on their personal loss ratio.
Texas Mutual has paid more than $595 million in individual dividends since 1999, including a company record of nearly $150 million this year.
Texas Mutual Insurance Company underwrites TLWP, and Guaranty Insurance Services Inc. administers it. Any licensed Texas agent can submit clients for consideration in the group.
Texas Mutual notes that past dividends are not a guarantee of future dividends. The Texas Department of Insurance must approve all dividends.
Texas Mutual Sacks Grocery Truck Driver for Fraud
August 29, 2008 - Texas Mutual Insurance Company reported today that a Washington County Court sentenced a Brenham, Texas man on workers’ compensation fraud-related charges. The court sentenced Richard Supak to 12 months’ probation and ordered him to pay $1,485 in restitution to Texas Mutual, a $500 fine and court costs.
Supak reported a job-related injury while working as a truck driver for Brenham Wholesale Grocery. He claimed he was unable to work as a result of his injuries, and Texas Mutual began paying him income benefits.
Meanwhile, Texas Mutual uncovered evidence that Supak was working as a construction helper for a Burton, Texas construction company while receiving disability income benefits. Investigators call this type of scam double-dipping because the claimant collects benefits for being too injured to work when he or she is gainfully employed.
Texas law requires claimants to contact their workers’ comp carrier when they return to work. Left unchecked, double-dipping and other workers’ comp fraud can lead to higher premiums for all Texas employers.
An anonymous tip provided through Texas Mutual’s Fraud StoppersSM program sparked the Supak investigation. The company offers potential cash rewards for tips that lead to arrests or indictments.
Texas Mutual Pays Dividend to Texas Sign Association
August 27, 2008 - Texas Mutual Insurance Company announced a $63,366 dividend to the Texas Sign Association (TSA) Comp Group today. The dividend was based largely on the workers’ comp Safety Group’s premium volume and loss ratio.
TSA members have shared in more than $108,000 in group dividends since 2006. Many have also earned individual dividends from Texas Mutual based on their personal loss ratio.
TSA is open to qualifying companies who are part of the on-premises sign industry. Any licensed Texas agent can submit clients for consideration.
In addition to potential dividends, TSA members get a group premium discount and an industry-specific safety plan.
Texas Mutual underwrites the group, and Roberts & Crow Inc. provides marketing and administrative support. For more information about TSA, visit tsa-compgroup.org.
Texas Mutual notes that past dividends are not a guarantee of future dividends, and the Texas Department of Insurance must approve all dividends.
Energy Group Earns $83K Texas Mutual Dividend
August 25, 2008 - Texas Mutual Insurance Company announced an $83,503 dividend to the Lone Star Energy (LSE) workers’ compensation Safety Group today. The dividend was based largely on the group’s premium volume and loss ratio.
LSE has earned more than $168,000 in dividends since 2005. Many members have also qualified for individual Texas Mutual dividends based on their personal loss ratio.
LSE is open to butane and propane gas operators and dealers. Any licensed Texas agent can submit clients for consideration. In addition to potential dividends, LSE members get a premium discount and an industry-specific safety plan.
Texas Mutual underwrites LSE, and CertEssentials LLC administers it.
Texas Mutual Insurance Company notes that past dividends are not a guarantee of future dividends, and the Texas Department of Insurance must approve all dividends.
Texas Mutual Announces Two Fraud Indictments
August 11, 2008 - Texas Mutual Insurance Company reported today that two individuals were indicted, in separate cases, by a Travis County grand jury on workers’ compensation fraud-related charges. The men allegedly collected a combined $11,244 in workers’ comp benefits they were not entitled to.
The individuals indicted and the amount of income benefits they allegedly collected are: David Beatty of Flower Mound, $7,801; Michael Mora of Brownsville, $3,443.
Both cases involved a scam that investigators call double-dipping. Double-dipping occurs when claimants collect benefits for being too injured to work when they are, in fact, gainfully employed.
Double-dipping and other workers’ comp fraud scams can lead to higher premiums for all Texas employers.
Texas Mutual has zero tolerance for fraud. In 2007, it saved or recovered $4.7 million through its claimant fraud investigations. It recovered another $1.1 million from employers who tried to illegally lower their premium, and it prevented $1.3 million in health care provider fraud.
Note: A grand jury indictment is a formal accusation – not a conviction – of criminal conduct.
Texas Mutual Dividend Helps Agencies That Help Others
August 4, 2008 - Texas Mutual Insurance Company announced a $304,515 dividend to the Social Services Agencies of Texas Safety Group today. The dividend rewards the group for preventing workplace accidents and controlling claim costs.
“About 3,000 Texans who need assistance walk through our doors every year,” said Joe Martinez, executive director of Nueces County Community Action Agency in Corpus Christi. “We help them get an education, pay their utility bills, provide information and referral services, and put a roof over their head. This money will go a long way toward improving the quality of life for Nueces County citizens.”
SSA of Texas is open to community action agencies, senior citizen programs, after-school programs, Meals on Wheels, Head Start and other qualifying social service groups. Members get a premium discount, an industry-specific safety plan and potential dividends.
“Most social service agencies operate lean. We’re no different,” added Martinez. “Affordable workers’ comp insurance is important. By joining SSA, we’ve made our premium a smaller piece of our budget.”
Texas Mutual underwrites SSA of Texas, and Care Providers Insurance Services LLC administers it.
Texas Mutual notes that it cannot guarantee future dividends, and the Texas Department of Insurance must approve all dividend distributions.
Texas Mutual Pays $150M in Dividends
July 24, 2008 - Texas Mutual Insurance Company began distributing nearly $150 million in policyholder dividends today. About 38,000 policyholders will receive a dividend based on their premium size, loss ratio and history with Texas Mutual.
“Affordable workers’ compensation insurance is a key element in sustaining Texas’ healthy economy,” said Richard A. Cooper, chairman of the Texas Mutual board of directors. “These generous dividends reward policyholders who share our commitment to preventing workplace accidents and controlling claim costs.
“Together with Texas Mutual’s competitive pricing and exemplary service, they demonstrate our commitment to helping build a stronger Texas.”
The dividend plan, the largest in the company’s history, includes a
$75 million special dividend in recognition of the company’s excellent financial results in 2007.
Texas Mutual Insurance Company has declared more than $595 million in individual policyholder dividends since 1999. In addition, the company has declared about $42 million in dividends to members of its safety groups.
“Texas Mutual continues to pursue initiatives that will help better serve Texas businesses in the future,” added Cooper. “We are committed to working with our policyholders, the independent agent community, the Governor, state leadership and the Legislature to strengthen the products and services we bring to support growth of Texas businesses.”
Texas Mutual Insurance Company is the state’s leading provider of workers’ compensation insurance, with offices in Austin, Dallas, Houston and Lubbock. The company notes that past dividends are not a guarantee of future dividends, and the Texas Department of Insurance must approve all dividends before distribution.
For more information about dividends, visit the News and Publications section at texasmutual.com.
Texas Mutual Announces Three Fraud Indictments
July 21, 2008 -Texas Mutual Insurance Company reported today that three individuals were indicted, in separate cases, by a Travis County grand jury on workers’ compensation fraud-related charges. The individuals allegedly collected a combined $27,113 in workers’ comp benefits they were not entitled to.
The three cases involved a scam that investigators call double-dipping. Double-dipping occurs when claimants collect benefits for being too injured to work when they are, in fact, gainfully employed.
The individuals who were indicted and the amount of income benefits they allegedly collected are: Barry Davis of San Antonio, $5,969; Pamela McCoy of Splendora, $14,040; and Michael Burnett of Graham, $7,104.
Texas Mutual Insurance Company is the state’s leading provider of workers’ comp insurance. These cases are part of the company’s zero tolerance for fraud policy.
Note: A grand jury indictment is a formal accusation – not a conviction – of criminal conduct.
Texas Mutual Pays $51K Dividend
to Emergency Service Group
July 18, 2008 -Texas Mutual Insurance Company announced a $51,257 dividend to the Emergency Service Organization (ESO) workers’ compensation Safety Group today. The dividend was based on the group’s premium volume and loss ratio.
Texas Mutual underwrites ESO, and VFIS of Texas/Regnier & Associates administers it. The group is open to qualifying firefighters and ambulance services. Any licensed Texas agent can submit qualifying clients for consideration.
ESO has earned $461,853 in group dividends from Texas Mutual since 2002. In addition to potential dividends, ESO members get a premium discount and an industry-specific safety plan. Group dividends are separate from the $150 million in individual policyholder dividends the company declared this summer.
Texas Mutual Insurance Company notes that past dividends are not a guarantee of future dividends, and the Texas Department of Insurance must approve all dividends.
For more information about dividends, visit the News & Publications section.
Subcontractors Nail Down $2.3M Texas Mutual Dividend
July 14, 2008 - Texas Mutual Insurance Company announced a $2,269,048 dividend to the Texas Construction Association (TCA) workers’ compensation group discount program today. The dividend was based on the group’s premium volume and loss ratio.
“We’re thrilled to be able to reward our members with these dividend checks,” said Gina Jones of ANCO Insurance, the group’s administrator. “They’ve done a great job of keeping their employees safe on the job, especially considering the hazards of our industry.”
Construction workers had the largest number of fatalities in Texas in 2006. Nationally, construction accounted for 1,226 fatalities, a 3 percent increase over 2005.
TCA group members have access to a safety plan developed for the construction industry. They also get a discount on their premium.
For more information about the TCA group, click here.
Texas Mutual Insurance Company notes that past dividends are not a guarantee of future dividends, and the Texas Department of Insurance must approve all dividends.
Oil and Gas Group Earns $2.9M Texas Mutual Dividend
July 10, 2008 - Texas Mutual Insurance Company announced a $2,903,340 dividend to the Texas Oil & Gas Association (TxOGA) workers’ compensation group discount program today. The dividend was based largely on the group’s premium volume and claim loss history.
“Our members have shared in $7.8 million in dividends since 2001,” said Jim Sierra, TxOGA vice president for financial affairs. “Many have also earned individual policyholder dividends based on their personal claim loss history. Our dividend track record is a byproduct of everything we’re doing to promote safe workplaces in a high-hazard industry.”
In 2006, there were 60 deaths in the oil and gas industry nationwide. More than half of them happened in Texas and surrounding states.
TxOGA is doing its part to promote safety in the oil patch. Sierra sits on the Texas Mutual oil and gas safety round table. The round table is a forum for employers, the Occupational Safety and Health Administration, and the Texas Department of Insurance to share best practices, document them and get them into employers’ hands.
TxOGA is also a member of the South Texas Exploration and Production Safety Network. The network promotes safety, health and environmental improvement in the oil and gas industry east of Houston, west to Del Rio and south to the Rio Grande.
Besides potential dividends, TxOGA group members get a discount on their workers’ compensation premium and an industry-specific safety plan.
Past dividends are not a guarantee of future dividends, and the Texas Department of Insurance must approve all dividends.