Congratulations are in order to those UMA members taking advantage of the premium discount offered through Workers Compensation Fund to UMA member companies on their workers compensation insurance. In a letter to policy holders WCF declared a 10% dividend which adds to the 5% discount granted participants in the UMA program when they paid their premiums. For the last several years WCF has declared a dividend sharing the success of the company with its policy holders. It appears accidents are down both in incident and severity. Great job! Keep up the good work of keeping the workplace safe for everyone. Below is the letter from WCF President and CEO Ray Pickup.
June 7, 2010
Dear Policyholder:
We would like to thank you for your efforts to improve workplace safety in 2009. The number of claims submitted during the year was the lowest on record - a decrease of nearly 24 percent from the number reported in 2008. Also, WCF's investment results for 2009 were better than expected.
Based on the year's results, WCF's board of directors has declared a dividend to share the company's success with our policyholders who are the owners of WCF. The dividend check enclosed amounts to 10% of your company's 2009 earned premium.
With this distribution, WCF will have returned more than $332 million in dividends to its policyholders since 1992 - giving back nearly 40 percent of operating income (almost 10 percent of net earned premiums) to WCF policyholders. No other carrier in the marketplace has been able to provide this type of return to their policyholders. We continually strive to keep our rates low with excellent safety and claims management programs. The results have paid off for us and our policyholders.
Remember, be careful out there.
Ray Pickup
CEO & President
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