Pinnacol Assurance, Colorado’s state-owned workers’ compensation insurer, paid $55 million in dividends in May to 58,000 businesses it insures.
The payments went to 92 percent of Pinnacol’s policyholders, based on their safety records and claims costs. The dividend is the fourth consecutive annual payment to policyholders; Pinnacol has paid $227 million in dividends since 2005.
Pinnacol paid $4.48 million in dividends to 5,372 businesses in El Paso County. The average dividend check in the county was about $830.
“Issuing a general dividend for the fourth straight year is a continuing sign of our policyholders’ commitment to maintaining safe workplaces and to Pinnacol’s financial health and stability,” said Ken Ross, Pinnacol’s president and chief executive.
Pinnacol cut rates 16.5 percent earlier this year because of lower-than-expected claims, its third consecutive annual rate reduction.