AUSTIN – The Texas Oil & Gas Association’s (TXOGA) Safety Group today announced that companies who are members collectively earned $2.12 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.
“The oil and natural industry takes workplace safety seriously, and this dividend from Texas Mutual is a well-deserved testament to this commitment,” said TXOGA President Todd Staples. “By setting a high bar for workplace safety within the industry, TXOGA members will help to ensure that these irreplaceable resources continue to be produced for years to come.”
“Workplace safety is critical and always worth the investment,” said TXOGA Insurance Agency President Neal Carlton. “Industry—along with partners like Texas Mutual—is committed to workplace safety. This $2.12 million dividend is plain evidence of the continued work of members towards encouraging safety and actively mitigating accidents.”
Many members of TXOGA join the Association’s 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.
TXOGA Safety Group dividends are separate from Texas Mutual’s individual dividends. This summer, Texas Mutual will distribute $340 million in individual dividends to an estimated 69,000 qualifying policyholders. Some TXOGA Safety Group members may earn both safety group and individual dividends from Texas Mutual.
Since 2001, members of the group have received $42,728,228 in safety group dividends and $354,693,723 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 txogainsurance.com.
Founded in 1919, TXOGA is the oldest and largest oil and gas trade association in Texas representing every facet of the industry.