In January, our Rhode Island Workers Compensation carrier, Beacon Mutual, announced a Six Million Dollar loss sensitive dividend. Given the financial hardships facing many policyholders, Beacon will be accelerating the payment of these dividends by mid-June for qualifying policyholders. Beacon is pleased to assist Rhode Island businesses with this dividend offering which will result in $6M being returned to the state's economy at a crucial time like today. It is the second highest dividend paid in Beacon Mutual's history and recognizes policyholders who have contributed to Beacon's financial strength by demonstrating safety as a priority in order to keep workers safe and losses low.
Beacon made the decision to accelerate the $6M dividend distribution as an immediate one-time payment to all eligible policyholders in June 2020, rather than their originally slated rolling one year distribution cycle pending final audit at policy expiration.
At this critical time, an average 7% dividend will be distributed to 96% of Beacon policyholders, 11,000 Rhode Island businesses, based upon their loss history.
Please note, not all of Beacon Mutual customers will qualify for this dividend due to current claims activity but it is estimated that 96% of our clients will receive this much needed and well timed dividend. "In addition to Beacon Mutual' s dedication to one line of insurance, a RI Based Insurer invested in this state's economy, their unparalleled claims handling and loss control services to mitigate claims, this dividend highlights the mutual success our clients management and Beacon's emphasis on workplace safety. Congratulations!," Mark Matrone, President of John Andrade Insurance.