NYS Safety Group 497 Dividend Announcement for 2016-17 Policy Year
New York State Public Entities Safety Group 497 and the New York State Insurance Fund are pleased to announce a 35% dividend for the policy year July 1, 2016 to July 1, 2017. This marks the 35th consecutive year Safety Group 497 has paid a dividend to its members.
The dividend of 35 percent represents $4,857,482 returned to members for the July 1, 2016 to July 1, 2017 policy term. This also marks a total of $51,671,288 in dividends returned to members since the Group’s inception in 1981.
In addition to a 35% dividend, NYSIF has approved the continued availability of a maximum 25% upfront discount for qualified Safety Group 497 renewals for the July 1, 2018 to July 1, 2019 policy term.
“Over $50 million in dividends paid to members over the last 35 consecutive years! This is a significant accomplishment that we on the Safety Group 497 Executive Committee continue to celebrate. Being a committee member since 1997, I have had the pleasure to see this group grow with members that understand the importance of safety and financial security. They have recognized that these investments do indeed pay off, which is an advantage to the communities they serve. Our goal is to continue this trend by providing the necessary resources to our members to reduce workplace accidents. If everyone does their part in protecting their employees and volunteers, the safety group should continue to produce positive results,” said Bruce Guttenplan, chairman of the Safety Group 497 executive committee.
“Safety Group 497’s performance continues to be on record pace. Not only are the dividend results of the Group consistently improving, but also the remaining funds held in reserve for future dividends are at their highest levels ever. This conservative approach safeguards the financial stability of the Group, even in the case of unforeseen events. With the unique exposures to injury that public entity employees and emergency responders face, we as a Group Manager remain diligent in our underwriting principals to ensure the long term success of the Safety Group. We will continue to provide the best service possible to our members and keep the streak of dividends going," 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 Thursday, March 22nd. 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.