Louisiana Workers’ Compensation Corporation announced that for the second year in a row its Board of Directors has declared a dividend and this year will return $15.8 million to qualifying policyholders.
The company said this dividend is believed to be the largest single dividend ever declared in the state of Louisiana by a workers’ compensation insurer, topping the $10 million LWCC returned to policyholders last year.
Individual awards are based upon a calculation taking into account the policyholder’s earned premium and a measure of profitability for the individual account for the previous five-year period.
“Thanks to the hard work of our employees, agents and policyholders who understand the importance of a safe and secure work environment, LWCC is able to declare another large dividend,” said Steve Cavanaugh, LWCC’s chief executive officer. “As the industry leader, LWCC supports Louisiana businesses by working to drive down the costs of workers’ comp insurance, and we will continue to reward our customers through exceptional service, financial stability and – when it’s the financially sound thing to do – dividends.”
LWCC was able to declare the dividend because of its strong financial position, which is a result of operating efficiencies, effective financial management, dedication to workplace safety and good management of claims.
LWCC is a private, nonprofit mutual insurance company. It is the state’s largest writer of workers’ compensation insurance, covering about 23,000 policyholders and 38.5 percent of the insured market in Louisiana. The company is rated “A” (Excellent) by A.M. Best and was named one of the top 50 property and casualty insurance companies in the nation for the third year in a row by Ward Group, a leading authority on insurance industry benchmarking.
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