Beacon Mutual to distribute $2M dividend to policyholders

THE BEACON Mutual Insurance Co. will distribute a $2 million dividend payment among its 12,100 policyholders.
THE BEACON Mutual Insurance Co. will distribute a $2 million dividend payment among its 12,100 policyholders.

WARWICK – The Beacon Mutual Insurance Co. said Thursday that it will distribute a $2 million dividend payment among its 12,100 policyholders.
Beacon Mutual, the Ocean State’s largest provider of workers’ compensation insurance, will begin issuing the dividend during the 2015 second quarter.

“As a mutual insurance company we operate for the benefit of our policyholders. During this difficult economic climate, we are pleased to be able to assist Rhode Island businesses – our policyholders – with this dividend offering,” Beacon Mutual President & CEO James V. Rosati said in a statement. “This dividend collectively will result in $2 million being returned to the state’s economy.”

Beacon Mutual has had five consecutive years of dividend returns. In a news release, the company said it is fulfilling its mission of “being a stabilizing presence in the Rhode Island workers’ compensation system.”

The dividend will be distributed to all policyholders insured by the company as of Dec. 30, 2014, who have been insured for one year and whose premiums are paid in full.

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“This dividend offering is possible as a result of capital gains on our investments,” Rosati said. “As always, our focus remains: to reduce workplace injuries through safety training and education; to provide the highest quality resources and programs, like our Stay-at-Work/Return-to-Work program; and to treat injured workers with respect and dignity, while getting them back to work as safely and as soon as possible. It is the continued hard work and dedication of Beacon employees that enables us to deliver these high-quality customer and claim services.”

Gov. Gina M. Raimondo, in prepared remarks, said that Beacon’s commitment to creating safer workplaces “benefits all Rhode Islanders and helps to make our economy stronger for everyone.”

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