Texas Mutual pays dividend of more than
$1 million to Lone Star Auto Dealers Association safety group
Texas Mutual Insurance Company, a policyholder-owned company, recently awarded a dividend of $1,060,313 to the Lone Star Auto Dealers Association (LSADA) safety group, which includes franchised auto, truck, RV, boat and motorcycle dealerships.
This year’s dividend from Texas Mutual brings the total dividend payout for LSADA to more than $9 million.
“Texas Mutual is committed to recognizing the efforts of safety groups like the Lone Star Auto Dealers, which prioritizes keeping Texas workers safe,” said Texas Mutual President and CEO Richard Gergasko. “We’ve partnered with them for over a decade, and year after year they work to help their members create safe environments for employees.”
Since 1999, Texas Mutual has distributed nearly $219 million in dividends to qualifying safety groups. Many group members also qualify for individual policyholder dividends from Texas Mutual based largely on their companies’ loss ratios. In total, the company has paid $2.5 billion to policyholders across the state. The dividends, which are based on performance and therefore aren’t guaranteed, depend on the group members’ dedication to making safety a priority in their businesses as well as keeping the group’s loss ratio low. Additionally, dividends must comply with Texas Department of Insurance regulations.
“The Lone Star Auto Dealers Association is proud to carry on a long-standing record of helping our safety group members save money with premium discounts while keeping their workers safe,” said Program Manager Brad Wicker. “Texas Mutual and the Lone Star Auto Dealers Safety Committee have been invaluable partners in making Texas dealerships safe places to work, from the showroom to the garage.
In addition to potential dividends, safety group members receive discounts on their workers’ compensation premiums and have exclusive access to free workplace safety materials that are relevant to their industry. Texas Mutual offers more than 2,000 free safety resources, including 200 e-Learning online modules, to help keep their workers safe.
About Texas Mutual Insurance Company
Austin-based Texas Mutual Insurance Company, a policyholder-owned company, is the state’s leading provider of workers’ compensation insurance. Texas Mutual provides coverage to 43 percent of the market, representing 70,000 companies, many of which are small businesses. Since 1991, the company has provided a stable, competitively priced source of workers’ comp insurance for Texas employers. Helping employers prevent workplace accidents is an important part of Texas Mutual’s mission. Texas Mutual holds an A.M. Best financial strength rating of ‘A’ and was named one of the 2017 Ward’s 50 Top Performing Property-Casualty Insurers based upon on the company’s financial strength.