Pinnacol Assurance’s board of directors has approved a 2016 decrease in workers’ compensation rates that will average -3.6 percent, surpassing the the Colorado Division of Insurance’s recommendation of a -1.9 percent change.
“Pinnacol’s ability to decrease rates is a direct result of our efforts to improve our financial performance, fewer claims, and a strong Colorado economy,” said Phil Kalin, Pinnacol’s President and CEO.
In addition to the rate decrease, Pinnacol’s Board announced its intent to issue a general divided to policyholders in 2016.
The general dividend is a portion of Pinnacol’s surplus shared with policyholders. Barring a significant and unexpected financial loss in the fourth quarter of 2015, the dividend will amount to at least $30 million and will be distributed by the end of April 2016.
Stay tuned for more details in upcoming editions of Focus.