BATON ROUGE, La. (February 12, 2009) -- Louisiana Workers' Compensation Corporation (LWCC) will pay a $7.5 million dividend to qualifying policyholders in February, LWCC President and CEO Kristin W. Wall announced today. It will bring LWCC's cumulative total dividend paid to policyholders over the past six years to more than $121 million.
LWCC's board of directors declared the dividend for the calendar year 2008, and the Louisiana Department of Insurance approved it on February 5, 2009.
About 20,000 policyholders will receive a portion of the 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.
"We are pleased to be able to return a dividend to our policyholders for six consecutive years," said Wall. "Despite the difficult economic climate, we are continuing to put dollars back into the pockets of Louisiana businesses."
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, for the seventh 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.
"This dividend demonstrates that LWCC is committed to providing policyholder value," said LWCC Chairman Aubrey T. Temple, Jr. "It is also noteworthy that the company has reduced overall rates by more than 45 percent since it 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."