Texas Mutual Insurance Company has announced that over 700 McLennan County businesses will collectively receive over $4.5 million in dividends.
MCLENNAN COUNTY, Texas — Over 700 McLennan County businesses are receiving money from general dividends distributed by Texas Mutual Insurance Company, the company has announced.
According to Texas Mutual, the company has distributed $330 million in general dividends to nearly 73,000 businesses across Texas. Over $4.5 million of that money will reportedly go to 757 businesses in McLennan County.
Texas Mutual said the businesses can use their general dividends to “reinvest in their businesses and local communities.”
“Texas Mutual’s dividend program allows us to share our success with policyholders who contribute toward our mission of building a safer Texas,” said the Honorable Ron Simmons, chairman of Texas Mutual’s board. “This year’s $330 million general dividend distribution reaffirms our ongoing commitment to strengthening the Texas workforce and supporting economic success across the state.”
Texas Mutual is a policyholder-owned company and is the state’s “leading provider of worker’s compensation insurance,” according to the company.
The company said policyholders can earn dividends for their “commitment to safety and contribution toward keeping workers’ comp costs low.” Texas Mutual said the dividends are performance-based and not guaranteed. Dividends must also comply with Texas Department of Insurance rules.
Texas Mutual awarded its first dividend in 1999, and has continued to do so for 27 years, the company said. Over the years, the total amount of dividends given to businesses has reportedly risen to nearly $4.8 billion.
“Texas Mutual’s one-of-a-kind dividend program has always reflected our investment in the safety and success of Texas businesses,” said Jeanette Ward, president and CEO of Texas Mutual. “We are proud to remain a trusted partner to businesses across the state, providing reliable workers’ compensation coverage and rewarding policyholders who share our commitment to safety.”