Texas Mutual Pays $65K Dividend to Sign Association
September 7, 2012 - Texas Mutual Insurance Company announced today that the Texas Sign Association Comp Group (TSA) earned a $65,387 workers’ compensation dividend.
The dividend was based largely on the group’s overall safety record.
“Our members care about their employees’ well-being, and they invest the resources necessary to prevent workplace accidents,” said Texas Sign Association Executive Director Leona Stabler. “We have earned $422,000 in group dividends from Texas Mutual since 2006. That speaks volumes about our group’s commitment to workplace safety.”
Group dividends are separate from Texas Mutual’s individual policyholder dividend program. Individual dividends are based largely on each policyholder’s safety record. Many TSA Comp Group members have earned dividends under both programs.
“As a mutual insurance company, our responsibility is to our policyholders,” said Bob Barnes, chairman of Texas Mutual’s board of directors. “They own the company, and this money belongs to them. We are proud to share Texas Mutual’s success with those who have contributed to that success.”
Unlike publicly traded insurance companies, mutual insurance companies are owned by their policyholders, and they do not answer to stockholders. Dividends allow Texas Mutual to share its financial success with its policyholder owners.
By the end of the year, Texas Mutual will have paid $1.2 billion in dividends. The majority of that total – more than $1 billion – will have been paid since 2005.
Ron Wright, president of Texas Mutual, said the company’s dividend track record is a direct reflection of its financial strength, as well as policyholders’ efforts to keep employees safe.
“Our status as a mutual company gives us the freedom to focus on what matters most: preventing workplace accidents and their associated costs,” said Wright. “Texas Mutual is fortunate to have owners who share our vision. I hope this return on their investments will keep their businesses strong far into the future.”
Texas Mutual notes that past dividends are not a guarantee of future dividends. The Texas Department of Insurance must approve all dividends.
Texas Mutual Pays $355K Dividend to Apartment Group
September 5, 2012 - Texas Mutual Insurance Company announced today that the Texas Apartment Association (TAA) safety group earned a $355,922 dividend.
Texas Mutual President Ron Wright and Chairman of the Board Bob Barnes presented the check to TAA master agent Michael Whorton at Texas Mutual’s Austin headquarters on Aug. 29 during the company’s board of directors meeting.
The workers’ compensation dividend was based largely on the group’s overall safety record.
Since 2009, Texas Mutual has paid nearly $1.2 million in group dividends to TAA safety group members. That total is in addition to individual policyholder dividends group members have earned. Individual dividends are based largely on each policyholder’s safety record.
“As a mutual insurance company, our responsibility is to our policyholders,” said Barnes. “They own the company, and this money belongs to them. We are proud to share Texas Mutual’s success with those who have contributed to that success.”
Unlike publicly traded insurance companies, mutual insurance companies are owned by their policyholders, and they do not answer to stockholders. Dividends allow Texas Mutual to share its financial success with its policyholder owners.
By the end of the year, Texas Mutual will have paid $1.2 billion in dividends. The majority of that total – more than $1 billion – will have been paid since 2005.
Wright said the company’s dividend track record is a direct reflection of its financial strength, as well as policyholders’ efforts to keep employees safe.
“Our status as a mutual company gives us the freedom to focus on what matters most: preventing workplace accidents and their associated costs,” said Wright. “Texas Mutual is fortunate to have owners who share our vision. I hope this return on their investments will keep their businesses strong far into the future.”
Texas Mutual notes that past dividends are not a guarantee of future dividends. The Texas Department of Insurance must approve all dividends.
Texas Mutual Pays $450K Dividend to TxOGA
August 30, 2012 - Texas Mutual Insurance Company announced today that the Texas Oil and Gas Association (TxOGA) safety group earned a $449,557 dividend. Texas Mutual President Ron Wright and Chairman of the Board Bob Barnes presented the check to TxOGA Vice President for Financial Affairs Jim Sierra at Texas Mutual’s Austin headquarters on Aug. 29 during the company’s board of directors meeting.
The workers’ compensation dividend was based largely on the group’s overall safety record.
Since 2001, Texas Mutual has paid nearly $19 million in group dividends to TxOGA safety group members. That total is in addition to individual policyholder dividends group members have earned based on their individual safety records.
“As a mutual insurance company, our responsibility is to our policyholders,” said Barnes. “They own the company, and this money belongs to them. We are proud to share Texas Mutual’s success with those who have contributed to that success.”
Unlike publicly traded insurance companies, mutual insurance companies are owned by their policyholders, and they do not answer to stockholders. Dividends allow Texas Mutual to share its financial success with its policyholder owners.
By the end of the year, Texas Mutual will have paid $1.2 billion in dividends. The majority of that total – more than $1 billion – will have been paid since 2005.
Wright said the company’s dividend track record is a direct reflection of its financial strength, as well as policyholders’ efforts to keep employees safe.
“Our status as a mutual company gives us the freedom to focus on what matters most: preventing workplace accidents and their associated costs,” said Wright. “Texas Mutual is fortunate to have owners who share our vision. I hope this return on their investments will keep their businesses strong far into the future.”
Texas Mutual notes that past dividends are not a guarantee of future dividends. The Texas Department of Insurance must approve all dividends.
Texas Mutual Pays $1.6M Dividend to Construction Group
August 1, 2012 - Texas Mutual Insurance Company announced today that the Texas Construction Association (TCA) safety group earned a $1,607,267dividend. The workers’ compensation dividend was based largely on the group’s overall loss ratio.
Austin-based Texas Fifth Wall Roofing earned its third consecutive dividend as a member of the TCA safety group. The company’s president, Todd Hewitt, explained that private sector construction projects are picking up slowly following the recession. Dividends help Texas Fifth Wall Roofing remain competitive.
“Workers’ compensation is just one of many costs we have to consider,” said Hewitt. “We get a premium discount on the front end for participating in the safety group. On the back end, we have earned dividends for working safely. That money has gone directly back into our operating budget.”
Since 2005, Texas Mutual has paid $11.5 million in group dividends to TCA safety group members. That total is in addition to individual policyholder dividends group members have earned.
Unlike publicly traded insurance companies, mutual insurance companies are owned by their policyholders, and they do not answer to stockholders. Dividends allow Texas Mutual to share its financial success with its policyholder owners.
“Texas Mutual has a shared interest in helping Texas-based business succeed,” said Steve Math, senior vice president of underwriting at Texas Mutual. “These TCA safety group members have invested in their employees’ well-being. Dividends are Texas Mutual’s way of rewarding them for their commitments to safety and for their ownership stakes in the company.”
By the end of the year, Texas Mutual will have paid $1.2 billion in dividends. The majority of that total – more than $1 billion – will have been paid since 2005.
Texas Mutual notes that past dividends are not a guarantee of future dividends. The Texas Department of Insurance must approve all dividends.
Texas Mutual Distributes $150M in Dividends
Among Qualifying Policyholder Owners
July 25, 2012 - Texas Mutual Insurance Company announced today that it has begun distributing $150 million in workers’ compensation dividends among approximately 40,000 qualifying policyholders.
“As a mutual insurance company, our responsibility is to our policyholders,” said Bob Barnes, chairman of Texas Mutual’s board of directors. “They own the company, and this money belongs to them. We are proud to share Texas Mutual’s success with those who have contributed to that success.”
When publicly traded corporations pay dividends, every stockholder gets a dividend based on the shares they own at that time. When Texas Mutual pays dividends, it rewards specific policyholders who focus on controlling workplace accidents and helping injured workers return to the job.
This marks the 14th consecutive year Texas Mutual has paid dividends to qualifying policyholder owners. By the end of 2012, the company will have paid $1.2 billion in dividends. The majority of that total – more than $1 billion – will have been paid since 2005.
Texas Mutual President Ron Wright said the company’s dividend track record is a direct reflection of its financial strength, as well as policyholders’ efforts to keep employees safe.
“Our status as a mutual company gives us the freedom to focus on what matters most: preventing workplace accidents and their associated costs,” said Wright. “Texas Mutual is fortunate to have owners who share our vision. I hope this return on their investments will keep their businesses strong far into the future.”
For more information about dividends, visit texasmutual.com/OwnershipPays.
Wright noted that Texas Mutual cannot guarantee future dividends, and the Texas Department of Insurance must approve all dividends.
Lockhart Man Sentenced for Workers’ Comp Fraud
July 17, 2012 - Texas Mutual Insurance Company reported today that a Travis County court sentenced Henry Gomez of Lockhart, Texas on workers’ compensation fraud-related charges. Gomez paid $1,155 in restitution to Texas Mutual and was sentenced to seven months’ deferred adjudication.
Gomez reported a job-related injury while working as a truck driver and supervisor for Wims Environmental, Inc. in Garland, Texas. He claimed he was unable to work as a result of the injury, and Texas Mutual began paying income benefits to him.
Meanwhile, Texas Mutual uncovered evidence that Gomez was working as a sales consultant for another employer while receiving 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, in fact, 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.