2019 Dividend Announcement
On behalf of the Ohio School Plan Board of Directors, I am very excited to announce that we have declared a dividend for our members. This year the board has declared a dividend in the amount of $850,000.
In 2015, we provided the first dividend to our members in the amount of $500,000. In 2017, after reviewing our financial position, we approved a dividend of $650,000. Now, in 2019, the board is in the position to declare yet another dividend. Since the beginnings of our program in 2002, our goal has been to provide a dividend to our members, and we are pleased today that the board is able to declare its third dividend in the past 6 years.
As a board, we take the financial strength of the Ohio School Plan (OSP) very seriously. We monitor the surplus, product and service offerings, and market trends to determine our financial strength. With a surplus of over $8.3 million, products and services that are second to none, and cutting edge products designed to help minimize your exposure to current trends, we are as strong as we have ever been. With nearly 300 members, a professional underwriting approach, and a comprehensive loss control mentality, the Ohio School Plan continues to grow. This is a testament to each of you, our members who understand the values of a member-driven program which continually has over 95% retention.
All members who have been with the OSP for the last 2 or more consecutive years and who remain active members on September 1, 2019, will be eligible for the dividend. The dividend will be based on your years of membership, premium contributions and loss history. Many of you have been long-time members and have contributed to the OSP's success and growth. We are excited that our current financial position allows us another way to thank you for your commitment.
As the Chairperson of the Ohio School Plan Board of Directors, I would like to thank you for your continued support and membership. We look forward to our continued relationship for many years to come.
Your Ohio School Plan representative will be able to share your portion of the dividend once the calculations have been completed.
Chairperson of the Board
Ohio School Plan