New Jersey Manufacturers Insurance Company said it would pay a special dividend of approximately $132 million to more than 405,000 policyholders.
West Trenton, N.J.-based NJM said this marks the 14th consecutive year the company has sent policyholders dividend checks, and the largest special dividend the company has ever paid in its 94-year history.
On average, policyholders will receive checks of about $327 each, which will be mailed from Nov. 19 through Dec. 12.
The company also announced that the regular dividend for workers' compensation policies was increased from 10 percent to 15 percent.
The company said it covers about 6,800 businesses, or roughly 18.8 percent of the voluntary market in 2006 in New Jersey.
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