Statement from Ken Ross, president and CEO of Pinnacol Assurance, regarding the release of the Special Task Force Committee Report


DENVER, June 1, 2011 – Today the Special Committee of the Pinnacol Assurance Board of Directors released the results of its two-month examination of the company’s business practices. While this report reveals nothing in Pinnacol’s operations that the Special Committee believed fell beyond the reasonable practices of a company charged with competing in the mutual insurance marketplace, it does address some specific and limited areas that are to be addressed by management. Work in these areas is already underway.

Pinnacol’s management wishes to thank the Special Committee for its thorough and thoughtful work. The committee’s recommendations brought to our attention areas of opportunity that will help us achieve our mission of protecting our policyholders and their workers. The findings also reinforce Pinnacol’s financial stability. As always, we remain committed to providing a stable and predictable workers’ compensation market for Colorado businesses; to providing benefits to injured workers and their families and to delivering exemplary service to our 55,000 policyholders and their employees.

The examination found nothing the Special Committee believed fell beyond the reasonable practices of a company charged with competing in the mutual insurance marketplace, but there are specific, limited areas that Pinnacol management has been directed to address. Where appropriate, changes have been made or will be implemented soon that will establish clear operational guidelines and ensure transparency.

About Pinnacol Assurance
Pinnacol Assurance is Colorado’s leading provider of workers’ compensation insurance. Pinnacol provides comprehensive, competitively priced coverage; immediate attention to claims; a highly qualified network of medical providers; and proactive safety programs to approximately 55,000 Colorado businesses. Since 2005, Pinnacol has returned more than $435 million in general dividends to its policyholders statewide ― a mark of the company’s stable and strong financial health.

Contact:
Suzi Stolte
Associate Vice President, Communications and Public Relations
Office: 303.361.4777
Cell: 303.406.3795
suzi.stolte@pinnacol.com