Worker’s comp insurer issues dividends

Colorado worker’s compensation insurer Pinnacol Assurance is issuing its sixth consecutive general dividend.

This year, $47.5 million will be distributed to more than 52,000 qualifying businesses — roughly 86 percent of policyholders — throughout the state.

With the 2010 declaration, Pinnacol has now returned nearly $400 million in general dividends to Colorado businesses. The average 2010 dividend check is $900. This year’s dividend is based on policyholder performance between June 2008 – June 2009. Dividend checks are calculated based on the size of a policyholder’s annual premium compared with claims costs.

Ken Ross, Pinnacol president and CEO said the opportunity to return money to the company’s policyholders was well-timed.

“We know the impact of this dividend will ease some of the pain businesses are feeling and help create more jobs and stimulate the economy,” he said.

In El Paso County, more than $3.5 million will be awarded to businesses this year, including more than $3.2 million in Colorado Springs.  The top two industries receiving dividends in El Paso County are construction, and clerical and professional occupations.

Pinnacol’s policyholders represent the full spectrum of Colorado’s industries, including construction, manufacturing, high-tech, transportation, and agriculture.