AUSTIN – The Texas Oil & Gas Association’s Workers’ Compensation Safety Group announced that member companies collectively earned $3.84 million in dividends from Texas Mutual Insurance Company for prioritizing workplace safety and keeping the group’s loss ratio low. Texas Mutual is a policyholder-owned company that recognizes policyholders’ successful safety records through dividends.
“Workplace safety is paramount in the oil and natural gas industry, and this dividend from Texas Mutual is a testament to this industry’s continued commitment to safety,” said TXOGA President Todd Staples. “By adhering to high standards for workplace safety within the industry, TXOGA members will help to ensure that Texas’ natural resources continue to be produced responsibly for years to come.”
“Safety in the workplace is essential to the success of any organization,” said TXOGA Insurance Agency President Neal Carlton. “It’s important to highlight the collective commitment of industry, in collaboration with partners like Texas Mutual, towards prioritizing safety practices and proactively preventing accidents. This $3.84 million dividend rewards the commitment of safety group members.”
Many members of TXOGA participate in the Workers’ Compensation Safety Group with Texas Mutual, which offers free safety training and materials as well as workers’ compensation premium discounts. The tools available to Texas oil and natural gas employers cover everything from driving safety, controlling struck-by incidents, chemical safety, and general rig inspection resources. In addition, employers are able to craft policies and programs that fit their individual needs by working with Texas Mutual’s safety services team.
TXOGA Workers’ Compensation Safety Group dividends are separate from Texas Mutual’s individual dividends. This summer, Texas Mutual will distribute $350 million in individual dividends to qualifying policyholders. Some TXOGA members may earn both safety group and individual dividends from Texas Mutual.
Since 2001, members of the group have received $46,574,518 in safety group dividends and $382,924,871 in individual policyholder dividends. Dividends are based on performance, are not guaranteed, and must comply with Texas Department of Insurance regulations. For more information, visit www.txogainsurance.com.
Source: TXOGA
