Builders Insurance Group announced it is distributing its seventh consecutive, annual dividend to insureds. This year’s dividend totals $2.2 million and will be distributed among thousands of qualified policyholders enrolled in Builders Insurance (A Mutual Captive Company) workers’ compensation program.
To date, dividend returns since the program’s inception in 1992 equal more than $30.7 million. To be eligible for a dividend, policyholders must have begun participation in the program prior to 2000 and maintained continuous coverage in the Builders’ insurance program, as well as continuous membership in their local homebuilders association.
“We are pleased to announce the dividends for 2003,” said Builders Insurance Group’s chairman of the Board Allen Richardson. “This is an opportunity for us to thank and reward our policyholders that have helped us reach this exceptional plateau of financial strength. Our insureds continue to beat the industry averages when it comes to loss results. We are also grateful to the Home Builders Association of Georgia for their partnership and allegiance to our workers’ compensation program.”
The company said the dividend payout is representative of the company’s sturdy financial standing. This standing is even further strengthened by Builders’ recent A.M. Best rate improving from an “A-” (Excellent), VI to an “A-” (Excellent), VII category.
The majority of monies will be shared with policyholders who have contributed to the surplus by maintaining a satisfactory loss ratio during the eligible program years. A portion of the dividend monies will also be shared with policyholders based solely on their individual premium size and continuous participation in the program.
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