Texas Mutual Insurance Company announced a $1,350,293 workers’ compensation dividend to the CompGroup AGC purchasing group. The dividend was based largely on the group’s premium volume and loss ratio.
CompGroup AGC has earned $14,810,548 in group dividends since 2002.
The Texas construction industry added 4,300 jobs in July, second to New York. The industry’s growth mirrors the national picture, which saw 26 states add construction jobs in July, compared with 19 in June.
Still, construction jobs in Texas are down 4.3 percent since July 2009, and the Associated General Contractors of America predicts modest growth going forward.
“The CompGroup AGC is pleased to pay this dividend to their members,” said CompGroup AGC President George Cumming. “The dividend will help reduce the cost of construction, promoting additional work in the future.”
In addition to potential dividends, CompGroup AGC members get: A discount on their workers’ compensation premium; and access to free, industry-specific safety materials, including online videos, pamphlets, DVDs and a written safety plan.
Any licensed Texas agent can submit qualifying clients for consideration in the CompGroup AGC.
Past dividends are not a guarantee of future dividends. The Texas Department of Insurance must approve all dividends.
Source: Texas Mutual
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