Beacon Mutual announces 2% dividend payment

THE BEACON Mutual Insurance Co. said it will issue a 2 percent dividend payment to its more than 12,000 policyholders, marking the sixth consecutive year of dividends.
THE BEACON Mutual Insurance Co. said it will issue a 2 percent dividend payment to its more than 12,000 policyholders, marking the sixth consecutive year of dividends.

WARWICK – The Beacon Mutual Insurance Co. on Tuesday announced it would issue a 2 percent dividend payment to its more than 12,000 policyholders, marking the sixth consecutive year of dividends.
“As a mutual insurance company we operate for the benefit of our policyholders,” said James V. Rosati, Beacon Mutual president and CEO, in a statement. “We are pleased to be able to assist Rhode Island businesses – our policy holders – with this dividend offering.”
Rosati estimates the dividend will result in $2.6 million being put back into the state’s economy, according to a press release.
Beacon Mutual, based in Warwick, is a writer of workers’ compensation insurance in Rhode Island and claims 60 percent of the market, according to its website, reporting about $400 million in admitted assets.
The 2 percent dividend will be distributed to all policyholders insured by the company as of Dec. 30. Policyholders must have been insured for a minimum of one year and have premiums paid in full, according to the company. Rosati says the ability to issue dividends is a result of capital gains on the company’s investment.
“Our focus continues to be reducing workplace injuries by providing high-quality safety training and educational resources and programs,” Rosati said.
Gov. Gina M. Raimondo also released a statement lauding the company.
“Rhode Island families, workers and businesses all deserve safe workplaces and the opportunity to make it in Rhode Island,” Raimondo said. “Beacon’s commitment to innovative education and training programs in reducing employee injuries ensures a healthy workforce, helping to rebuild a healthy economy.”

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