Dividends will be distributed early to help our policyholders during difficult times.
Warwick, R.I. – The Beacon Mutual Insurance Company today announced it is accelerating the distribution of Six Million Dollars ($6,000,000) in dividend payments to eligible policyholders to be completed by mid-June 2020 in an effort to support its policyholders facing difficult economic times.
“By accelerating the distribution of our dividend, 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 made the decision to accelerate the dividend distribution during the first half of June 2020 as an immediate one-time payment to all eligible policyholders instead of distributing dividends over the course of one (1) year upon policy expiration, originally slated to begin in July 2020. At this critical time, an average 7% dividend will be distributed to 96% of Beacon policyholders, 11,000 Rhode Island businesses, based upon their loss history.
“As we begin the process of getting Rhode Islanders back to work, workplace safety will be more important than ever. This funding will allow Rhode Island employers to invest in safety measures for their businesses and will help us 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, 2019 and still in force as of March 1, 2020. 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 second highest dividend in Beacon’s history.
Beacon Mutual has a successful 27-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.
Media Contact: Michelle Pelletier, MichellePelletier@beaconmutual.com