Jewelers Mutual Policyholders Get Largest-Ever Dividend

Policyholders of Jewelers Mutual Insurance will get $5.1 million in dividends by Aug. 31, subject to regulatory approval. It's the largest dividend dollar amount in the company's 91-year history. JMI, headquartered in Neenah, Wis., is the only U.S. insurer specializing in jewelry and jewelers, and also the nation's largest jewelry insurer. Policyholders insured since June 30, 2003, or earlier will get a dividend equal to 8% of their current premium. Those insured since July 1, 2003, will receive 4%. Those with a commercial policy effective June 30, 2004, also will get a dividend. The dividend is due to JMI's exceeding its business growth expectations in 2003, reducing expenses, and a reduction in policyholders' frequency of losses, says Ron Harder, president and chief executive officer of Jewelers Mutual. JMI dividends aren't automatic. Each year, its board of directors—most of w
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