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Insurance agent presents $33,068 Texas Mutual dividend to Mercedes
Summary
Ramon Montalvo told the commission Mercedes received a $33,068.11 workers' compensation dividend from Texas Mutual this year and about $133,009.35 over seven years, attributing the payout to the city's safety record and low claims history.
Ramon Montalvo of Montalvo Insurance Agency presented a workers' compensation dividend check to the Mercedes City Commission and explained the amount is a function of the city's safety record and tenure with the carrier. "A dividend check this year of $33,068.11," Montalvo said, noting that over the last seven years the city has received roughly $133,009.35 in total dividends.
Montalvo told the commissioners the payout reflects good loss experience with Texas Mutual and low policy rates. He said dividends are awarded based on experience and longevity with the insurer and cautioned that future amounts depend on market conditions; he offered to return in October with a market-rate trend report. Commissioners thanked him for the report and acknowledged the award as a budgetary benefit that helps offset risk-management costs.
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