Beacon Mutual Announces $6 Million Policyholder Dividend
Warwick, R.I. – The Beacon Mutual Insurance Company today announced it will distribute Six Million Dollars ($6,000,000) in dividend payments to its safest policyholders. This is the second highest dividend paid in Beacon Mutual’s history and the first time that Beacon Mutual has rewarded safety performance through a dividend. This dividend is in addition to Beacon’s overall reduction in premium rates for each of the last four years. Beacon Mutual, Rhode Island’s largest provider of workers’ compensation insurance, will begin issuing the dividend during the third quarter of 2020.
“As a mutual insurance company, we are owned by our policyholders. Our interests are aligned with their interests. 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,” said Beacon Mutual President & CEO Brian J. Spero. “We are pleased to share these results for the benefit of employee safety and our policyholders’ bottom line.”
“Workplace safety is essential for a healthy economy. This dividend will allow Rhode Island employers to reinvest in their businesses and make critical investments in workplace safety that will help our economy as it continues to grow,” said Rhode Island Governor Gina M. Raimondo.
The dividend will be distributed to qualifying policyholders based on their premium size and safety results for policies in force as of December 31, 2019. It is projected to return an average of 5 percent of premium to 94 percent of Beacon Mutual’s policyholders.
Beacon Mutual Board Chairman, Raymond C. Coia, stated: “Beacon Mutual remains dedicated to its purpose of providing fairly priced workers’ compensation insurance to all Rhode Island employers that seek coverage, to help make workplaces safer, and to restore injured workers’ ability to work.”
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.