Texas Mutual Declares Whopping Dividend

Texas Mutual Insurance Company announced that its board voted unanimously to approve a $330 million general dividend distribution this year.
Dividends will be distributed next month to some 73,000 Texas Mutual policyholders, accounting for about 91% of policyholders.
“We’re thrilled to announce that our board of directors has voted unanimously to approve a $330 million general dividend distribution to eligible policyholders. Our 2025 payout means that we’ll have distributed more than $1 billion in general dividends within the last three years alone,” the carrier said in a Facebook post.
READ MORE

Maine legislators are considering updating several provisions of the state’s Workers’ Compensation Act of 1992, moving to relax some of the current financial requirements for self-insurers.
LD 1195 would eliminate the need for letters of credit to meet specific confidence levels.
Sponsors say the change would give employers more flexibility when securing their workers’ compensation obligations.
Also, the bill would clarify conditions of non-renewals, requiring financial institutions issuing irrevocable standby letters of credit to give a minimum of 90 days’ notice before opting not to renew, giving regulators and employers time to react and avoid any coverage gaps.
READ MORE

Utah-based WCF Insurance will used AI technology to quote and process underwriting submissions, Covr AI said last week.
The Chicago insurtech said its technology will help WCF eliminate manual submission processing by digitally ingesting, preparing and analyzing underwriting documents.
“By automating and digitizing the insurance application process, WCF’s underwriting teams will quote faster, with enhanced application data, higher confidence and achieve more nuanced insights,” Covr AI’s announcement said.
READ MORE