RetailFirst and BusinessFirst declare policyholder dividends

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May 20, 2014, 11:06 ET

LAKELAND, Fla., May 20, 2014 /PRNewswire/ -- RetailFirst Insurance Company and BusinessFirst Insurance Company, monoline workers' compensation insurance companies that comprise the RetailFirst Insurance Group, have declared $527,000 of policyholder dividends for safety conscious policyholders. The dividends are for policies expiring during the fourth quarter of 2013.

Thomas S. Petcoff, president of both companies, states, "Our focus on financial stability and comprehensive loss prevention services is evident each time we reward our policyholders with a dividend. Our policyholders know they can rely on us to keep our promises."

Policyholders of both companies have the potential to earn dividends based on their safety records and type of workers' compensation policy. The companies' competitive dividend programs give policyholders the opportunity to earn back a portion of their workers' compensation premium at the end of each policy year. The lower a business keeps its total claims costs during a policy year, the higher the potential safety reward dividend.

In 2013, the companies reported more than $108 million in combined direct written premium, nearly $290 million in total admitted assets and more than $145 million in policyholder surplus.

RetailFirst Insurance Group insures almost 14,000 businesses throughout Florida, Kentucky, North Carolina and Tennessee. The group is rated B⁺⁺ (Good) by A.M. Best Company and has excess of loss reinsurance coverage provided by A rated Safety National Casualty Corporation. Day-to-day operations of the group are managed by Summit Consulting LLC, a managing general agent with more than 35 years of experience in workers' compensation.

Workers' compensation business submissions are accepted through independent agents. For more information about RetailFirst or BusinessFirst, visit their websites at www.retailfirstinsurance.com or www.businessfirstinsurance.com.

Note: Dividends are declared at the discretion of the board of directors and are not guaranteed. Policyholders must meet minimum requirements to participate.

SOURCE RetailFirst Insurance Group