The year 2009 was another tumultuous one for Colorado businesses doing their best to hang on in the midst of a deep recession. Now more than ever, businesses need a workers’ compensation insurance company they can count on.
Pinnacol Assurance’s stability is the result of a long-term investment in doing the right thing. We’re good to our own employees, who, in turn, treat our customers well. We push ourselves to achieve operational efficiencies and embrace technology that streamlines processes and reduces costs. We go that extra mile to support and respect injured workers.
In spite of 2009’s economic and legislative challenges, we managed to have a financially successful year. That, in turn, allows Pinnacol to remain a source of stability and reliability in an otherwise uncertain business environment.
| Financial Stability |
| Premium earned: |
$398.5 million in 2009 |
| Premium rate reduction: |
10 percent reduction over 2009, saving business owners more than $45 million |
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| Dividend Distributions |
| General dividends: |
Approximately $120 million in 2009 |
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| Customer Satisfaction and Retention |
| Overall service quality rating: |
8.8 on a 10-point scale, an all-time high |
| Customer retention: |
91 percent of customers kept their business with Pinnacol in 2009 |
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| Legislative Activity |
| Senate Bill 273: |
PULLED. Sponsors dropped this bill after the Colorado Attorney General pronounced it illegal and the governor indicated he would not sign it. The bill would have deleted language in the Workers’ Compensation Act that says Pinnacol's assets belong to Pinnacol and can't be taken or borrowed by the state. It then would have required a transfer of $500 million from Pinnacol to the state treasury. |
| Senate Bill 281: |
MODIFIED AND PASSED. The original version of this bill would have altered the company’s current structure and brought Pinnacol back under state control. The bill was modified to require a performance audit and to create an interim committee to study our company. |
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| Employee Satisfaction |
| Employee satisfaction rating: |
8.3 on a 10-point scale, a strong validation of our belief that employee satisfaction drives customer satisfaction |
| “Best Place to Work” awards: |
From the Great Place to Work® Institute, the Society for Human Resource Management, and ColoradoBiz Magazine |
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| Community Involvement |
| The Pinnacol Foundation: |
86 scholarships, totaling $251,250, awarded to children of workers seriously injured or killed on the job |
| Employee-Giving Program: |
$78,034 raised for the Mile High United Way through employee donations and a 100-percent corporate match |
| Pinnacol in Action: |
586 employees, or 93 percent of our staff, volunteered a total of 5,442 hours in 2009 |
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