WARWICK – The Beacon Mutual Insurance Co. will issue a 4 percent dividend payment to its 11,700 policyholders, the company announced Thursday.
Beacon Mutual, Rhode Island’s largest provider of workers’ compensation insurance, plans to begin issuing the dividend during the second quarter of 2013. This is the third consecutive year the company has issued policyholder dividends.
“As Rhode Island businesses continue to deal with a difficult economy, we are pleased to be able to assist our policyholders through this dividend offering,” James V. Rosati, president and CEO of Beacon Mutual, said in a statement.
According to a release, the dividend will be distributed to all policyholders insured by the company as of Dec. 30, 2012, who have been insured for at least one year and whose premiums are paid in full.
Beacon Mutual expects the dividend to result in $4.2 million being returned to the Rhode Island business community.
“Although unemployment levels have impacted workers’ compensation premiums, we were able to issue this dividend as a result of capital gains on our investments,” said Rosati. “We remain focused on reducing workplace injuries through safety training and treating injured workers with respect, while getting them back to work as safely and as soon as possible.
“Those goals have contributed to the stabilization, fiscal health and proper functioning of Rhode Island’s workers’ compensation system,” added Rosati. “None of this could be accomplished without the hard work and dedication of Beacon employees who deliver high-quality customer service every day.”