For more than 100 years, Pinnacol has been Colorado’s partner in protecting the state’s workforce. Today, we are sharing a development that has the potential to deepen that commitment while securing our organization’s future and developing the next generation of our state’s workforce.
We’re aware that a coalition of Colorado business and workforce leaders have filed a ballot proposal for consideration by statewide voters in November 2026. The proposal would result in Pinnacol’s full separation from the state, while remaining a mutual insurance company owned by its members. A core piece of the proposal is the creation of a landmark $150 million scholarship fund. This fund would provide debt-free skills training in high-demand fields, serving employers and workers for generations to come. Additionally, the ongoing premium taxes generated by Pinnacol in Colorado would be directed to support the program in perpetuity.
While the Pinnacol Board of Directors has yet to take a formal position on the filing, we have long maintained that modernizing Pinnacol’s structure is a critical step in better serving our members and their employees, while remaining under the ownership of its members. We are particularly encouraged by the proposal’s focus on long-term workforce development and skills training through a landmark scholarship fund - investments in workforce development and training are well-known to prevent injuries in the workplace and lower costs for employers.
As this public conversation unfolds, our priorities remain unchanged:
Operating as a member- and policyholder-owned mutual insurance carrier, Pinnacol has become one of the highest-performing property and casualty insurers and civic leaders in the country. However, our structure must adapt to the evolving economy. The need for modernization is increasingly critical as the state’s workforce expands across borders at an unprecedented rate. Today, most Colorado businesses have workers in multiple states, and the state has some of the highest remote worker rates in the nation.
Pinnacol agrees that a full separation from the state is the most seamless way to modernize our structure and meet the needs of our members, while remaining a mutual company, owned by our members and with no outside shareholders.
Pinnacol has adapted, evolved, and championed the changing landscape of our workforce for over a century. The last modernization of Pinnacol occurred more than two decades ago, when the state mostly separated Pinnacol from the government and was directed to operate as an independent mutual insurance company.
At that time, the state transferred the liability of Pinnacol’s assets and its adjusted surplus of $80.8 million to the ownership of its members, which represents $147.7 million in today’s dollars, according to the federal Consumer Price Index. The state has taken no financial risk in Pinnacol since that date. It has been funded entirely by member (policyholder) premiums.
Transitioning Pinnacol to its members was the right move, as it strengthened its ability to navigate a competitive marketplace. We’re ready to champion a new chapter of evolution and we look forward to your partnership to make sure that it's done in the right way.
In the meantime, our focus remains on the vital work we do every day for Colorado’s employers and injured workers.
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