Oil and Gas Group Earns $2.9M Texas Mutual Dividend

Texas Mutual Insurance Company announced a $2,903,340 dividend to the Texas Oil & Gas Association (TxOGA) workers’ compensation group discount program. The dividend was based largely on the group’s premium volume and claim loss history.

“Our members have shared in $7.8 million in dividends since 2001,” said Jim Sierra, TxOGA vice president for financial affairs. “Many have also earned individual policyholder dividends based on their personal claim loss history. Our dividend track record is a byproduct of everything we’re doing to promote safe workplaces in a high-hazard industry.”

In 2006, there were 60 deaths in the oil and gas industry nationwide. More than half of them happened in Texas and surrounding states.

TxOGA is doing its part to promote safety in the oil patch. Sierra sits on the Texas Mutual oil and gas safety round table. The round table is a forum for employers, the Occupational Safety and Health Administration, and the Texas Department of Insurance to share best practices, document them and get them into employers’ hands.

TxOGA is also a member of the South Texas Exploration and Production Safety Network. The network promotes safety, health and environmental improvement in the oil and gas industry east of Houston, west to Del Rio and south to the Rio Grande.

Besides potential dividends, TxOGA group members get a discount on their workers’ compensation premium and an industry-specific safety plan.

Source: Texas Mutual Insurance Company, www.texasmutual.com