Jewelers Mutual Announces Dividend

August 3, 2004

Jewelers Mutual Announces Dividend

Jewelers Mutual Insurance Co., Neenah, WI, had a "solid, successful year" in 2003, with a $5.2 million dividend to be paid to commercial policyholders, says Ronald Harder, president and CEO. "This is the largest dividend amount in the company's 90-plus-year history," says Harder. The executive addressed policyholders, directors, and employees at the annual policyholders meeting held at the company's home office in July.

Harder credits Jewelers Mutual's successful year to its ongoing commitment to safety and security and to its policyholders' efforts to reduce the frequency of losses. "However, jewelers must remain alert. The severity of losses – the dollar amount per loss – has increased," he says.

The dividend will be paid to policyholders in August. Policyholders insured for one year or longer as of March 31, 2004, will receive a dividend of 8% of their current premium. Those insured for less than a year as of March 31, 2004, will receive a dividend of 4% of their current premium.

A.M. Best, the rating service for insurance companies, affirmed the companyıs A+ Superior rating, acknowledging "Š the company's longstanding reputation as the leading insurance company specializing in the jewelry industry." At the annual meeting, policyholders re-elected the following directors:

• R. William Barker, colored stone wholesaler and owner of Barker & Co. in Scottsdale, AZ.
• Jonathan J. Bridge, JD, co-CEO and general counsel of Ben Bridge Jeweler in Seattle, WA.
• Patti J. Geolat, G.G., F.G.A., A.S.A., A.R.M., chair of the board and owner of Geolat & Associates Inc., an appraisal firm in Dallas, TX.
• Hugh G. Glenn, wholesaler and president of Hugh Glenn Corp. in New York City.
• Carl J. Rudolph, C.P.A., C.M.A., C.L.U., an insurance consultant in Appleton, WI.

Eric Englund, president of the Wisconsin Insurance Alliance, was a guest speaker at the annual meeting. He addressed the impact of legislative and political activities on the insurance industry.

Harder says the company is continuing its financial soundness and growth in the first six months of 2004. "Our underwriting profit is on schedule with another good year for our policyholders," Harder says.

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