Letter from Stu
TBG’s 2024 was a transformative year with a more focused strategic plan and clearly defined responsibilities. It was also a year of business growth as we saw increased agent interactions, which generated more activity and engagement.
As we look ahead to 2025, we are committed to building on the foundation laid in 2024, continuing to write new business despite a competitive market. Our focus remains on doing what’s best for our members, helping agents provide exceptional value to their clients, listening to the feedback from our Agent Advisory Council, and ensuring that we treat everyone with the utmost respect.
Letter from Jon
Our unofficial motto is “If you do the right thing, everybody wins.” This phrase truly encapsulates our approach as I reflect on 2024. The construction-based workers’ compensation market remains challenging, with national carriers heavily discounting premiums. While we have seen modest premium decreases, TBG has consciously decided not to “race to the bottom.”
We refuse to treat insurance as a commodity or lower our underwriting standards just to gain market share at a loss. Instead, we’ve focused on strengthening our marketing efforts by equipping our independent agent network with the tools they need to communicate that TBG offers far more than a low-cost policy.
Internally, our team lives by the same motto. Whether they’ve been with us for decades or just a few years, all our team members understand that doing the right thing isn’t optional – it’s a requirement. We uphold the values that have made us the leading workers’ compensation provider in the Minnesota construction industry. We prioritize what’s right for our members and the fund, and there’s no room for compromise.
As the construction industry continues to boom, we need more skilled workers. To address this, the TBG Education Foundation is doing its part by investing in the future of the trades.
In 2024, we raised and distributed over $100,000 to match scholarships from our trade association partners and provide grants to high schools and trade schools for tools and equipment. We live and breathe construction, and through our Education Foundation, we get to do the right thing. By continuing this work, we all win.