Retailers Casualty Offers $1M in Dividends to Safe Employers

Retailers Casualty Insurance, with offices in Michigan and writing workers’ compensation coverage around the South, has joined a growing list of carriers offering dividends or rebates to safe employers.

The company’s board of directors voted recently to declare a $1 million distribution for policies effective in 2024. The payout will be based on employers’ safety and loss record, their annual premiums, and the carrier’s profit level for the year. The maximum rebate will be about 8.1% of premium and the average is about $550, said Chris Neyrey, a vice president for Retailers’ managing general agent.

Dividend plans appear to be growing in popularity for workers’ comp insurers, according to Levitt Group and others in the industry, and are often done in combination with premium discounts for businesses that maintain a strong safety record. Retailers has provided more than $18 million in dividends since 1995, Neyrey said.

Retailers is managed by Summit Consulting, an MGA based in Lakeland, Florida, and part of Great American Insurance Group.

Neyrey in February was named vice president for Summit’s southwest region, based in Baton Rouge, Louisiana. He joined Summit in 2006 as a regional sales manager.