New York State Public Entities Safety Group 497 and the New York State Insurance Fund are pleased to announce a 30% percent dividend for the policy year July 1, 2015 to July 1, 2016. This marks the 34th consecutive year Safety Group 497 has paid a dividend to its members.
The dividend of 30 percent represents $3,953,018 returned to members for the July 1, 2015 to July 1, 2016 policy term. This also marks a total of $46,813,806 in dividends returned to members since the Group’s inception in 1981.
In addition to a 30% dividend, NYSIF has approved the availability of a maximum 25% upfront discount for qualified Safety Group 497 renewals for the July 1, 2017 to July 1, 2018 policy term.
“Safety Group 497 has continued to pay significant dividends to its members for nearly the entire 35 year history of the group. This is a testament to the collective focus of all members to reduce workplace accidents and invest in safety. Attention to safety is not only an important investment for the group dividend, but it is also an investment that provides vital returns in the health and well-being of all safety group members’ employees and volunteer emergency responders,” said Bruce Guttenplan, chairman of the Safety Group 497 executive committee.
“The 2015-16 dividend of nearly $4 million returned to members marks the largest dividend ever declared for Safety Group 497. The remaining reserve balance of over $20 million, which goes toward paying future dividends, also marks the largest post-dividend balance Safety Group 497 has ever maintained. These figures are very important indicators outlining not only the current financial success of the group, but also highlighting a conservative approach in efforts to safeguard dividend results for years to come. As the Group Manager, we will continue our underwriting discipline to ensure the members of the Safety Group continue to provide a positive impact to the group’s financial results. We will also continue to expand the services and safety resources available to all members in order to reduce workplace accidents and insurance premiums," said John Fleury, President, Fleury Risk Management.
The Safety Group dividend is based on the overall claims experience of all Group members versus the insurance premiums collected. Safety Group 497 is proud to be one of the few programs consistently paying dividends to New York’s Public Entities. Thanks to all of the current Safety Group 497 Members that continue to place their trust in New York State Public Entities Safety Group 497.
Dividend checks are scheduled to be mailed to members on Tuesday, April 25th. Checks will NOT be mailed to members currently in pending cancellation; those with estimated audits in the system; or those with seriously past-due premium accounts. (In the case of a significant past due premium, the dividend will be credited to the respective account balance.)
Please contact Fleury Risk Management with any questions regarding this announcement.