WARWICK - The Beacon Mutual Insurance Co. will issue a 3 percent dividend payment to its 11,400 policyholders beginning in the second quarter of 2012, according to a statement provided by the company on Jan. 11.
“We understand Rhode Island businesses continue to struggle during these difficult economic times and are pleased to be able to assist our policyholders through this dividend offering,” said James V. Rosati, president and CEO of the insurer.
The dividend will be distributed to all policyholders insured by the company as of Dec. 30, 2011, who have been insured for one year and whose premiums are paid in full. Beacon also issued a dividend in 2011.
“In spite of the continuing poor economy and high unemployment levels which have significantly impacted workers’ compensation premiums, Beacon was able to issue this dividend as a result of capital gains on its investments. In addition, Beacon continues its commitment to increasing efficiencies and reducing operating costs through automation and innovation, creating value for our policyholders every day. ” Rosati said.
Beacon provides workers’ compensation insurance for many Rhode Island businesses.