Pinnacol Proposes Restructure
Corporate News
November 2011
Earlier this year, Governor Hickenlooper asked Pinnacol Assurance’s Board of Directors to develop a long-term plan for Pinnacol to ensure the company’s success. Pinnacol’s management and board of directors conducted the initial steps of a comprehensive due diligence process and have unanimously authorized pursuing a restructuring proposal, which was sent to Governor Hickenlooper in early November. The proposal, which recommends restructuring Pinnacol into a mutual insurance company owned by its policyholders, is available on our website, Pinnacol.com along with other related information.
After receiving Pinnacol’s proposal, Governor Hickenlooper announced the appointment of a stakeholder taskforce made up of representatives from some of the key groups and interests that would be affected by the Pinnacol restructuring. Through early 2012, the panel will review the proposal and, at the end of its review, report back to the Governor and provide guidance on potential legislation. During this time, Pinnacol will also be meeting regularly with its stakeholders - including policyholders, agents and employees - to discuss the proposal and to answer questions and address concerns.
It is important to remember that this proposal represents a first step toward a possible restructure of Pinnacol. The company fully expects that the original proposal will evolve as it moves through the due diligence process with the governor, the Colorado Legislature and other important stakeholders.
Why does restructuring Pinnacol make sense?
The proposal to restructure Pinnacol has five important objectives:
How will Pinnacol change if this proposal is approved, and what will stay the same?
Here is a snapshot of how Pinnacol currently operates and how it would operate in the future if the restructure proposal is approved by Pinnacol’s policyholders and becomes law.
Additional information about the restructuring proposal, including a copy of the actual proposal and a frequently asked questions document are also available on Pinnacol.com. If you have additional questions, call our Restructuring Proposal hotline at 1.866.820.6115 or 303.361.4545 for more information.
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