LWCC Board Declares Record Policyholder Dividend
BATON ROUGE, La. (March 19, 2014)--The Board of Directors of Louisiana Workers? Compensation Corporation (LWCC) has declared a 2013 dividend of $69.1 million, bringing the cumulative total dividend over the past 11 years to more than $300 million. The dividend, the company's largest to date, will be paid to qualifying policyholders in April.
More than 16,000 policyholders will receive a portion of this dividend. Individual dividend awards are based on a calculation that takes into account policyholders' premium and longevity with LWCC over the last five years.
"It is exciting to hear the stories of policyholders reinvesting these funds into their businesses to improve efficiencies, prevent future accidents and provide their employees with a quality work environment. This is real money, going back into real Louisiana businesses, providing real benefits," stated LWCC President and CEO Kristin W. Wall.
The 2013 dividend is the result of several contributing factors. LWCC policyholders' employees experienced fewer than expected work-related accidents during the year. The number of catastrophic injuries was also lower than typically experienced in a calendar year. Additionally, the company's investment portfolio continued to outperform when compared to industry peers.
LWCC Chairman Murphy J. "Mike" Foster, Jr. stated, "This company has set out to do what we hoped it would do over twenty years ago by providing a ready market for all Louisiana businesses, a driving focus on safety, and quality care for workers injured on the job." Chairman Foster added, "LWCC's rates have been reduced by over 52% since inception, a true testament of the dedication and expertise of LWCC's outstanding employees."
LWCC (www.lwcc.com) is a private, nonprofit mutual insurance company that is the largest writer of workers' compensation insurance in Louisiana. The company carries an "A" (Excellent) rating from A.M. Best.