Texas Mutual Insurance Company announced a purchasing group dividend to the Texas Oil and Gas Association (TxOGA) totaling $1,355,509.
Group dividends are separate from the $50 million in dividends that Texas Mutual Insurance Company will pay to qualifying policyholders this year. Some TxOGA group members may receive dividends under both programs.
“TxOGA appreciates Texas Mutual’s commitment to giving back to its policyholders,” said Jim Sierra, TxOGA vice president for financial affairs. “As our membership continues to grow, we hope more employers will take advantage of this program. It really helps level the playing field for our small-business members.”
Purchasing group members retain their own experience modifier and receive a premium discount, based on an estimate of the group’s entire written premium. For example, if a small business with a $5,000 premium joins a purchasing group with $500,000 in annual premium, Texas Mutual Insurance Company will give the small business the same premium discount it would give a large business with a $500,000 premium. Group members also benefit from a Texas Mutual safety plan designed specifically for the oil and gas industry.
Any Texas agent can place a qualifying client into the TxOGA purchasing group. Employers interested in TxOGA and other Texas Mutual purchasing groups should ask their insurance agents for help, or go to the Agent section at texasmutual.com.
Texas Mutual Insurance Company reminds employers that past dividends are not a guarantee of future dividends, and the Texas Department of Insurance must approve all dividend plans
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