Beacon Mutual Announces 10% Policyholder Dividend
Warwick, R.I. – The Beacon Mutual Insurance Company today announced the distribution of an average ten percent dividend to eligible policyholders to be paid in March, 2021. For the second time during the COVID-19 pandemic, Beacon will be distributing dividends to local businesses in an effort to support its policyholders facing difficult economic times.
“By the distribution of our dividend during the first quarter of 2021, we hope to assist our policyholders facing challenging financial circumstances due to COVID-19. As a mutual insurance company, we are owned by our policyholders and it is in the mutual best interest of Beacon and our policyholders to distribute these funds when they are most needed,” said Beacon President & CEO Brian J. Spero.
Beacon will complete dividend distribution in March 2021 as an one-time payment to all eligible policyholders. This dividend will invest Eight Million Dollars back into the Rhode Island economy at a critical time when many local businesses are fighting to keep doors open during the pandemic. The dividend will be distributed to approximately 96% of Beacon policyholders, 11,000 Rhode Island businesses, based upon their loss history.
“As Rhode Island businesses deal with the economic impact of the pandemic, the Beacon dividend will provide employers with resources to invest in their businesses and their employees and help build a Rhode Island economy that is stronger than ever,” said Rhode Island Governor Gina M. Raimondo.
This dividend program is designed to reward Beacon’s best performing policyholders and will be distributed based on premium size and safety results for policies in force as of December 31, 2020 and still in force as of February 28, 2021. This dividend recognizes policyholders who have contributed to Beacon Mutual’s financial strength by demonstrating safety as a priority in order to keep workers safe and losses low. The dividend is the highest dividend in Beacon’s history.
Raymond C. Coia, Chairman of the Beacon Board, said “I am very pleased that Beacon is able to provide our policyholders with this dividend and I am proud to be associated with an organization that always puts the interest of its policyholders and their employees first.”
Beacon Mutual has a successful 28-year history of protecting Rhode Island employers and employees through high-quality safety training programs and educational resources to prevent workplace accidents and to return injured employees to work with compassion and care.
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