Pinnacol Assurance, Colorado’s largest workers’ compensation insurer, will deliver a general dividend to its policyholders for the second year in a row. In mid-May, eligible Colorado businesses should receive dividend checks totaling $57 million.
The company said including that latest announcement, it will have returned more than $100 million in general dividends to Colorado’s business community during the past two years. Statewide, Pinnacol is issuing dividend checks to nearly 57,000 qualifying businesses, roughly 93 percent of its policyholders.
“Issuing a second straight dividend demonstrates that Pinnacol continues to perform well in a competitive market and our policyholders are committed to accident prevention and workplace safety,” said Ken Ross, Pinnacol’s president and CEO. “We’re pleased to give this money back to our customers, who will likely reinvest these funds into their businesses, fueling Colorado’s economy.”
The dividend rewards policyholders who have good safety records and low claims costs. Dividend checks are calculated based on the size of a policyholder’s annual premium compared to claims costs. The average 2006 dividend check will be about $1,000.
“As a small company, we view the dividend not only as a reward for safety but also as an opportunity to reinvest in our safety efforts,” said Lenee Koch, a Pinnacol customer and vice president of LEI Companies.
Pinnacol Assurance claims to be Colorado’s largest and oldest provider of workers’ compensation insurance.
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