Texas Mutual Pays Combined $690K to Four Safety Groups

Texas Mutual Insurance Company announced today that four workers’ compensation safety groups have earned a combined $690,036 in dividends: Texas Recreation Group, $278,353; Texas Construction Supply, $200,752; Texas Green Industry, $133,453; AgriComp, $77,478.

The dividends were based largely on each group’s overall loss ratio.

In 2011, Texas Mutual will pay approximately $15 million in safety group dividends. Group dividends are separate from the $155 million in individual policyholder dividends the company distributed this year. Many group members qualified for individual and group dividends.

Texas Mutual notes that past dividends are not a guarantee of future dividends. The Texas Department of Insurance must approve all dividends.

For more information about safety groups, visit texasmutual.com/agents/group.shtm.

New Texas Mutual purchasing group for ag industry

Texas Mutual Insurance Company announced its new workers’ compensation purchasing group today: AgriComp. Any licensed Texas agent can submit qualifying clients for consideration.

AgriComp is open to qualifying seed merchants, cotton farming gins, feed manufacturers, fertilizer manufacturers, grain elevators, hay dealers, grain dealers, feed dealers and other segments of the agriculture industry. Group members get:

• A discount on their workers’ compensation insurance
• An industry-specific workplace safety plan
• Potential workers’ compensation dividends

For more information about AgriComp, visit texasmutual.com/agents/pr_agricomp.shtm

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AgriComp purchasing group applicants must be members of the Lone Star Agribusiness Association. The association advocates on behalf of its members, provides educational and networking meetings and communications, and develops solutions for members’ immediate and future needs.

“Our industry contributes to the $80 billion enterprise we call Texas agriculture,” said Ben Boerner, president of Lone Star Agribusiness. “This program gives our members a cost-effective way to protect their employees, their businesses and, ultimately, their bottom line with workers’ comp insurance.”

In most cases, workers’ compensation insurance protects employers from lawsuits arising out of on-the-job accidents. It also provides medical and wage replacement benefits for injured workers, for life if necessary.

Occupational accident policies and other forms of alternate coverage leave employers vulnerable to lawsuits, and they often put a cap on injured workers’ benefits.