Denver, CO – Pinnacol Assurance recently announced that for the seventh consecutive year it is distributing general dividend checks to its customers. This year’s dividend totals $50 million. Pinnacol has also lowered premium rates by an average of 11%.
Nearly 95% of Pinnacol’s policyholders are eligible to receive a dividend — that’s more than 51,000 employers in all counties throughout the state. The average 2022 dividend check amount is $974. Checks will be mailed to employers beginning March 22.
“When our customers speak to us, we listen,” said John O’Donnell, Pinnacol president and CEO. “Our customers told us they wanted lower rates on the front end while still having the opportunity for a dividend, and we’re doing just that. When we partner with our customers to create safer work environments, we are happy to pass the savings on to them.”
Pinnacol Assurance’s general dividend is possible because it operates as a mutual insurer, treating its customers as its owners, which makes them eligible for an annual dividend based on Pinnacol’s financial performance. Eligibility is based on customers’ commitment to safety with timely claims reporting (within 48 hours) and investments in safety education, technology and equipment.
With this year’s declaration, Pinnacol has returned $370 million in total dividends to Colorado’s business community since 2015, which equals nearly 9% of premium.