Bob Barnes, chair of Texas Mutual’s board of directors, recently presented the check to TRA CEO Richie Jackson at Texas Mutual’s headquarters in Austin.
“The restaurant industry is an economic engine for Texas,” said Barnes. “Restaurants pump $36.6 billion into the economy and employ more than 1 million people. For every $1 million spent in restaurants, the state benefits from nearly 30 additional jobs. We hope this money helps TRA members continue to grow their businesses during challenging economic conditions.”
Members of the TRA safety group have shared in more than $17 million in group dividends since 1999. Safety group dividends are separate from the $155 million in individual policyholder dividends Texas Mutual distributed in 2011. Since 2000, the company has injected more than $1 billion into the Texas economy through its group and individual dividend programs.
“Between individual policyholder dividends and safety group dividends, Texas Mutual makes participating in the workers’ compensation program in Texas a good business decision,” said Jackson.
Unlike publicly traded insurance companies, mutual companies are owned by their policyholders. Dividends allow Texas Mutual to share its financial success with its policyholder owners.
In addition to potential dividends, TRA safety group members get discounts on their workers’ compensation premiums. They also have access to workplace safety materials designed for the restaurant industry.
Texas Mutual notes that past dividends are not a guarantee of future dividends, and the Texas Department of Insurance must approve all dividends.About Texas Mutual Insurance Company
Austin-based Texas Mutual Insurance Company is the state’s leading provider of workers’ compensation insurance, with approximately 33 percent of the market. Since 1991, the company has provided a stable, competitively priced source of workers’ comp insurance for
Texas employers and their employees. Texas Mutual underwrites safety groups representing a range of industries, including oil and gas, health care, construction and manufacturing. Any licensed Texas agent can submit qualifying clients for consideration. For more information, visit texasmutual.com/agents/group.shtm.
About Texas Restaurant Association
The Texas Restaurant Association was formed in 1937 to serve as the advocate in Texas and the indispensable resource for the hospitality and food service industry. Today, as a leading business association, TRA represents the state’s $36.6 billion restaurant industry, which is comprised of 37,000 plus locations and a workforce of over one million employees. Along with the Texas Restaurant Association Education Foundation, the Association represents, educates and promotes the growing industry.