Recognition places Denver-based Pinnacol in top 2% of P&C insurers nationwide
DENVER — August 3, 2020 — For the third consecutive year, Pinnacol Assurance is included by Aon on the Ward’s 50 list of best-performing property and casualty insurance companies in the United States. The annual list ranks insurance providers according to financial “safety, consistency and performance” over a five-year period.
The award places Pinnacol, Colorado’s leading workers’ compensation insurer, in the top 2% of the nearly 3,000 P&C insurance carriers Aon evaluated.
Aon measured performance indicators, performed safety checks and required companies to meet rigorous criteria related to financial stability, revenue growth, capital and surplus positions, underwriting results, and financial returns.
Pinnacol Assurance President and CEO Phil Kalin said the recognition validates that the company is hitting the benchmarks it has set for fiscal stability, reliability and service to its customers.
“This honor showcases the strong and stable foundation we’ve built for Colorado’s businesses and workers so we can be here for the long haul and weather economic downturns like we’re facing today,” Kalin said. “Our financial footing also has allowed us to consistently lower our rates and issue more than half a billion dollars in general dividends to our customers since 2005.”
When comparing this year’s winners to other P&C carriers, Ward found winners were able to grow revenue, stay profitable and strengthen their surplus positions at a greater rate than were others in their industry. This year’s winners, compared with other companies:
• Had five-year average combined ratios six points lower (lower is better).
• Grew policyholder surplus 49.4% on average over five years.
• Grew net premiums 35.1% on average over five years (6.8% in 2019).
• Achieved much higher investment yields on average.