Texas Mutual Insurance Company announced that the Texas Oil and Gas Association (TxOGA) received Texas Mutual group dividends worth over $138,000. TxOGA President Robert Looney and Vice President of Financial Affairs Jim Sierra accepted the dividend checks on behalf of the purchasing group.
“This has been a challenging year for some TxOGA members, but they have continued to focus on accident prevention and making their workplaces safer,” said Ken Lauber, Texas Mutual vice president of Field Operations. “Add that to their managed growth of the group, and we’re optimistic that TxOGA will continue to improve its overall loss ratio and increase its premium volume.”
The Texas Department of Insurance allows employers in similar businesses to form purchasing groups in order to reduce their workers’ compensation insurance premiums. A group’s volume and loss ratio are key components in determining whether it qualifies for a dividend. The greater the group’s volume and the lower its overall group loss ratio is, the higher its dividend percentage will be.
According to Lauber, TxOGA members are eligible for Texas Mutual group dividends and possible general dividends. Although insurance companies cannot guarantee future dividends, Lauber said Texas Mutual’s philosophy is to reward its top groups when money is available.
TxOGA is the oldest and largest organization in the state representing petroleum interests, and it continues to serve as the only organization in the state that embraces all segments of the oil and gas industry.
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