Association Earns $523K Dividend From Texas Mutual

Texas Mutual Insurance Company President Russ Oliver announced that the Texas Restaurant Association (TRA) received a group dividend from Texas Mutual worth approximately $523,000.

According to Oliver, the TRA group dividend is separate from the approximately $25 million in dividends that Texas Mutual paid to qualifying policyholders earlier this year. Some TRA members may receive dividends from more than one program.

Foodservice companies represent a $24 billion a year industry, according to the TRA Web site, and they employ over 650,000 workers in more than 40,000 locations statewide. TRA serves as the industry’s main advocate.

Although state law prohibits insurance companies from guaranteeing future dividends, Oliver explained that Texas Mutual’s philosophy is to reward qualifying policyholders when money is available.