At the recently held Texas Mutual Insurance Company annual policyholder meeting Chairman Martin H. Young Jr. took the opportunity to credit the company’s success to the board of directors, management and all of the company’s employees. In 2003, the Texas Mutual saw record written and earned premiums.
“Texas Mutual’s market share has risen from 15 percent of the Texas workers’ compensation market in 2000 to over 25 percent in 2004. We conducted more business last year than ever before, and we did it with virtually the same number of employees,” Young said. “That’s because Texas Mutual has a lot of very smart people who work very hard. They’ve helped implement new programs and technological solutions to increase our overall efficiency.”
Young also reminded the attendees that the board approved a $50 million dividend plan last month for qualifying policyholders. The plan includes $25 million in general dividends plus another $25 million in special dividends, resulting from the company’s exceptional 2003 financial results.
President Russell R. Oliver noted that the general and special dividends are separate from the company’s group purchase dividend program. Year-to-date, select Texas Mutual’s purchasing groups have received over $682,000 of dividends.
Oliver also reminded the crowd that workers’ compensation insurance is a complicated business and that the Texas workers’ compensation system is likely to undergo substantive changes in the next legislative session. He invited the policyholders in attendance to register for the company’s “You Need to Know” service, which provides free e-mail updates on progress toward improving the workers’ compensation system.
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