HELENA — On Monday, Montana State Fund announced a $35M dividend declaration to more than 24,000 policyholders across Montana.
MSF (link) is the state’s not-for-profit workers’ compensation insurance company and the largest workers' compensation insurance company in Montana. It insures approximately 24,000 employers and their workers in approximately 400 industries across the state.
“As Montana’s not-for-profit option for workers’ comp coverage, we are delighted to be able to share the strong financial position of our company through this dividend declaration,” said MSF President and CEO, Holly O’Dell. “Through efficient claims management, improved safety efforts by employers and their workers, and responsible stewardship and investment of policyholder premium dollars, we are able to take what would otherwise be considered profit for another carrier and share it with our customers.”
This is the 25th consecutive year MSF has declared a dividend, totaling $431 million distributed to customers.
“This is welcome news for hardworking Montanans and job creators, and is another step in the right direction for our workers’ compensation system,” Governor Greg Gianforte said. “Workplace injuries and fatalities in Montana are declining even as our population and workforce grow, but better is always possible. I encourage Montanans to keep safety a top priority on the job.”
Dividends are not guaranteed. Depending on the financial circumstances and needs of MSF, the MSF Board of Directors is able to declare a smaller dividend, or no dividend at all.
“Our first responsibility is to protect our policyholders and the injured workers, so we evaluate the financial position of State Fund before declaring a dividend,” said MSF Board Chairman, Richard Miltenberger. “Once we decide it is safe to do so, we then consider the amount of the dividend. It is important to see these decisions through the lens of the bigger picture of financial strength—in addition to the role of workplace safety.”
MSF says dividend payments will begin in late October and are expected to be complete by the end of November.