A message from Ken Ross, President and CEO, April 8, 2009

As you may know, the Colorado General Assembly is considering legislation to raid $500 million of Pinnacol Assurance’s assets to balance the state budget and to take away our ability to operate as an independent insurance company. As Pinnacol's president and CEO, I can say without hesitation that Pinnacol is opposed to these two bills — Senate Bill 273 and Senate Bill 281 — because they are bad for Colorado taxpayers, bad for Colorado businesses and bad for Colorado’s injured workers and their families. Our board of directors has authorized an all-out effort to protect Pinnacol's assets.

These bills will result in higher workers’ compensation costs and an unstable workers’ compensation market. They are ill conceived, illegal and will set the state’s workers’ compensation market back 20 years.

The bottom line is this: We are prepared to do what is necessary to protect Pinnacol’s charter and our ability to meet obligations to all Colorado stakeholders, which includes pursuing all available remedies to defeat these bills.

More detailed information about the proposed legislation and our position on it are available throughout the site./p>