MONTANA STATE FUND PAYS $38.5M IN DIVIDENDS TO POLICYHOLDERS
Wednesday, November 5, 2025 | 255 | 0
Returning value to Montana businesses for the 27th consecutive year
HELENA, MT - Montana State Fund (MSF), the state's largest, and only not-for-profit, workers' compensation insurance company, announced that its Board of Directors has declared a $38.5 million policyholder dividend. MSF President and Chief Executive Officer, Holly O'Dell, hit the road this week to share the exciting news with stops in Missoula, Helena, Bozeman, and Billings to present the checks.
Through their dividend program, MSF has returned $512.5 million to policyholders since 1999; that's money that goes directly back into Montana's economy. Unlike a for-profit insurer, which would distribute excess funds to stockholders or shareholders, MSF's not-for-profit structure ensures that when funds exceed what is necessary to pay claims and cover operational costs, they are returned to the employers who paid the premiums-Montana businesses.
Dividends are made possible by strong investment earnings, careful claims management, and a shared commitment to safer workplaces but they are not guaranteed. However, this marks the 27th consecutive year MSF has returned value to Montana businesses through dividends.
MSF President and CEO, Holly O'Dell presents one of 22,000+ dividend checks to a policyholder in Helena, Montana. Photo includes MSF staff, representatives from AWARE Inc. (policyholder), and representatives from Marsh-McLennan Northwest (agent partners).
Photo Courtesy of Montana State Fund
"This dividend is one of the most meaningful ways we can show up for Montana businesses," said Holly O'Dell, MSF President and CEO. "It reflects our shared effort to keep people safe on the job and keep costs manageable for employers. We are proud to stand beside our policyholders and celebrate the difference they are making."
MSF's ability to issue a dividend reflects its mission to serve Montana businesses, not shareholders, and to reinvest in the states economy. Dividend checks will be mailed this week to eligible policyholders, either directly or through their insurance agent.
"This is more than a check in the mail," O'Dell added. "It's a thank you to the employers and workers who put safety first and invest in stronger communities across Montana."
Contact: Ethan Heverly
eheverly@safemt.gov or (406) 544-8287