Builders Insurance Group Declares 13th Consecutive Dividend
ATLANTA, March 23, 2009 – Builders Insurance Group today announced that member company Builders Insurance (A Mutual Captive Company) will distribute a dividend of approximately half a million dollars to its qualifying Georgia policyholders in the second quarter of 2009. This payout marks the Company's 13th consecutive dividend since 1997 and will bring the total amount of dividends paid to more than $42.5 million.
''While we have been deeply impacted by the housing downturn and current economic conditions, we are very pleased to produce another dividend distribution for our loyal policyholders who conduct safe business operations,'' said Allen Richardson, Chairman of the Board of Directors for Builders Insurance Group. ''This payout is a testament to the Company's solid financial footing developed over 16 years of strategic management by its dedicated leadership and staff.''
''The dividend program is a direct reflection of our Company's commitment to deliver enhanced value to our policyholders. While this year's distribution is less than in recent years, it is a significant payout which demonstrates that we are a strong Company,'' added Patrick Mitchell, Builders Insurance Group's President and Chief Executive Officer. ''Although these are difficult times for us and our partners, we continue to enhance our infrastructure, increase the efficiency of our operations and build our technology capabilities to better position the Company for continued long term success.''
To be eligible to receive a dividend, a policyholder must have maintained continuous coverage with Builders Insurance (A Mutual Captive Company) since December 31, 2005 and must be without any unresolved receivable balances. In addition, the policyholder must have maintained membership in an approved association membership organization.
With more than 16 years of service, Builders Insurance Group has become the largest Workers' Compensation underwriter domiciled in Georgia and a leading provider of General Liability insurance throughout the Southeast. Builders Insurance Group works through a network of local, independent insurance agents to deliver insurance products tailored to the needs of the home building community. Headquartered in Atlanta, the Builders Insurance Group companies administer coverage to approximately 12,500 policyholders and are rated A- (Excellent) VIII by A.M. Best Company. Builders Insurance Group has three member insurance companies, Builders Insurance (A Mutual Captive Company), Association Insurance Company and Vinings Insurance Company.