BATON ROUGE, La. (December 21, 2010) - The Board of Directors of Louisiana Workers' Compensation Corporation (LWCC) has declared a 2010 dividend of $22.5 million, to be paid to qualifying policyholders in early 2011 upon authorization by the Louisiana Department of Insurance. Once distributed, this will bring LWCC's cumulative total dividend paid to policyholders over the past eight years to $159,296,520.
LWCC's dividend paid to policyholders in 2010 for the 2009 year was $15 million.
About 18,000 policyholders will receive a portion of the new dividend. Individual dividend awards are based on a calculation that takes into account policyholders' premium payments and longevity with LWCC over the last five years.
"Policyholders are the reason our company exists, and we look forward to presenting them with this significant dividend at a time when the economy is still struggling," said LWCC President and CEO Kristin W. Wall. "The dividend is a symbol--and tangible evidence--of LWCC's continuing strength and stability and its desire to reward policyholders as substantially and prudently as possible."
LWCC Chairman Aubrey T. Temple, Jr. stated, "In addition to declaring a sizable dividend, LWCC reduced overall rates in 2010 by 4.1 percent, achieving an overall rate reduction of more than 55 percent since the company began operations in 1992. We are grateful to our agent partners, who have contributed to our financial success, and to our policyholders, who have joined us in helping to make Louisiana workplaces safer."
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 and in 2010, for the ninth consecutive year, was named one of the top 50 property and casualty insurers in the nation--out of more than 3,000--by Ward Group, the leading authority on insurance industry benchmarking.