Company Background

Pinnacol Assurance was founded in 1915 after the Colorado General Assembly passed the Workmen's Compensation Act. Originally called the State Compensation Insurance Fund, we were a state agency under the supervision of Colorado's Industrial Commission. Created to provide an assured source of workers' compensation insurance to all employers within the state of Colorado, the Fund wrote nearly $50,000 in premium in its first year.

For the next 70 years, we served our purpose as a state agency but compiled a sizeable budget deficit. In 1987, we changed our name to the State Compensation Insurance Authority and became a quasi-public authority of the State of Colorado with a governor-appointed board of directors. With this change, the Authority was no longer subject to the appropriation process of the Colorado General Assembly. In a move to further distinguish ourselves as a quasi-public insurance company rather than a state agency, our name was changed again in 1990 to the Colorado Compensation Insurance Authority (CCIA). During that year, we filed our "Plan for the Future" with the Division of Insurance -- a long-term proposal to eliminate an estimated $500 million financial deficit.

In 1999, CCIA became Pinnacol Assurance, adopting a name that reflects our Colorado heritage and commitment to being the best in the workers' compensation market. This name change was preceded by a company-wide reorganization and a renewed focus on excellent customer service. Since then, we’ve experienced tremendous growth, earned higher customer satisfaction ratings and, most importantly, taken better care of Colorado’s workers.

Efficient and entrepreneurial business practices helped us recover from our half-billion dollar deficit and build a healthy surplus. In 2004, we reached the Division of Insurance’s approved level of surplus and assumed management of our $1.5 billion portfolio from the state treasurer. In 2005, Pinnacol distibuted $55 million in general dividend checks to 55,000 qualifying businesses across Colorado. This was the first time in nearly 23 years Pinnacol had paid a general dividend, which is a portion of surplus paid to policyholders who earn it by maintaining safe workplaces. In 2006, the company distributed a second general dividend of $57 million to 57,000 customers. Over the past two years, Pinnacol has returned more than $112 million to the Colorado business community.

With more than 90 years of doing business in Colorado and a market share of more than 50 percent, Pinnacol Assurance has established itself as Colorado's leading provider of workers' compensation. We provide competitively priced and assured coverage, immediate attention to claims, and proactive safety programs to approximately 60,000 Colorado businesses and their employees.