If Pinnacol doesn’t pay a dividend next year, is that a result of not managing the business as efficiently as this year?

  • Not necessarily. If we are unable to pay a dividend in future years, it could be due to a number of factors, including changes to Pinnacol’s enabling statute, higher than anticipated claims costs, changes to Colorado workers’ compensation laws or a catastrophic event similar to September 11, which could negatively impact our investment portfolio.

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