Texas Mutual Insurance Company announced it awarded the Texas Oil and Gas Association (TxOGA) workers’ compensation purchasing group with $245,320.11 of group dividends.
Texas Mutual group dividends are separate from the $50 million of general and special dividends that Texas Mutual will award to qualifying policyholders in 2004. Many TxOGA members may receive part of the group dividend as well as a general and special dividend.
“TxOGA has done an excellent job managing the growth of their group,” said Ken Lauber, Texas Mutual vice president of field operations. “They’re constantly striving to make their workplaces safer, and we’re optimistic that TxOGA will continue to work on improving its overall loss ratio and increase its premium volume.”
State law prohibits insurance companies from guaranteeing future dividends; however, Lauber said that Texas Mutual’s philosophy is to reward its top groups when money is available. The Texas Department of Insurance approves all Texas Mutual dividends.
TxOGA is the oldest and largest organization in the state representing petroleum interests. 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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