Warwick, R.I. – The Beacon Mutual Insurance Company today announced the distribution of an average seven percent dividend to be paid in March 2024 to eligible policyholders.
“As a mutual insurance company, we are owned by our policyholders and it is in the mutual best interest of Beacon and our policyholder owners to distribute these funds to be invested back into their businesses,” said Beacon President & CEO Brian J. Spero.
Beacon Mutual will complete dividend distribution in March 2024 as a one-time payment to all eligible policyholders. The dividend will be distributed to approximately 96% of Beacon policyholders, 11,000 Rhode Island businesses, based upon their loss history.
This dividend program is designed to reward Beacon’s best-performing policyholders and will be distributed based on safety results for policies in force as of December 31, 2023, and still in force as of February 29, 2024. This dividend recognizes policyholders who have contributed to Beacon Mutual’s financial strength by demonstrating safety as a priority to keep workers safe and losses low.
Raymond C. Coia, Chairman of the Beacon Board, said “I’m pleased that Beacon Mutual will be distributing a dividend to policyholders for the fifth year in a row. I am honored to be associated with an organization that prioritizes the interests of its policyholders and their employees.”
Beacon Mutual has a successful 30-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.