Pinnacol plans $41 million in dividends

DENVER – Pinnacol Assurance announced Monday it is issuing $41 million in dividends to policyholders, including $1.8 million to more than 2,700 businesses in Boulder County.

Pinnacol is one of the largest workers’ compensation insurers in Colorado, providing coverage to about 55,000 Colorado businesses.

The dividends will be split between 50,000 qualifying businesses, or nearly 85 percent of policy holders. The payments are designed to reward policyholders who are committed to workplace safety and effective claims management practices.

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Payments are based on policyholder performance between June 2009 and June 2010. Dividend checks are calculated based on the size of a policyholder’s annual premium compared with claims costs.

Pinnacol has returned more than $435 million in general dividends to Colorado businesses since 2005.

“Pinnacol’s ongoing financial stability and strength allow us to return money to our policyholders,´ said Ken Ross, Pinnacol president and chief executive.