February 6, 2004
Jewelers Mutual Declares $5.1 Million Dividend
Commercial policyholders insured with Jewelers Mutual Insurance Co., Neenah, WI, will receive $5.1 million in dividends by Aug. 31, subject to regulatory approval, according to the insurer. This is the largest dividend dollar amount in the company's 90-year history.
"As a mutual company, we are owned by our policyholders," says Ron Harder, president and CEO. "We are extremely pleased with our policyholders' security efforts in reducing the number of losses." Harder points out that the company has another battle to fight an increase in the severity of losses by its policyholders. "The average claim has increased more than 50% in the past five years," he says. But the good news is that more individuals are being arrested and sentenced for crimes against the jewelry industry, according to Jewelers' Security Alliance statistics.
Jewelers Mutual says that its policyholders insured for more than one year (since June 30, 2003 or before) will receive a dividend of 8% of their current premium. Those insured for less than a year will receive a dividend of 4%. During the past 15 years, Jewelers Mutual has returned approximately $20 million in dividends to its policyholders. Its last dividend was $3.8 million in 2000.
by Peggy Jo Donahue