A Texas construction safety group has received a $1.6 million dividend based on its overall loss ratio.
The Texas Construction Association (TCA) safety group, designed by subcontractors to benefit subcontractors, received the payment from the Texas Mutual Insurance Company, the state’s leading provider of workers' compensation insurance.
Austin-based Texas Fifth Wall Roofing earned its third consecutive dividend as a member of the TCA safety group.
“Workers’ compensation is just one of many costs we have to consider,” said company president Todd Hewitt. “We get a premium discount on the front end for participating in the safety group. On the back end, we have earned dividends for working safely. That money has gone directly back into our operating budget.”
Hewitt explained that private sector construction projects are picking up slowly following the recession. Dividends help Texas Fifth Wall Roofing remain competitive.
“These TCA safety group members have invested in their employees’ well-being,” said Steve Math, senior vice president of underwriting at Texas Mutual. “Dividends are Texas Mutual’s way of rewarding them for their commitments to safety and for their ownership stakes in the company.”
TCA safety group members must be members of the Texas Construction Association or a member association. For more information, click here.
Texas Mutual notes that past dividends are not a guarantee of future dividends. The Texas Department of Insurance must approve all dividends.