Pinnacol Assurance, Colorado’s oldest and largest workers’ compensation insurer, has been named the state’s “Top Company” in Financial Services by ColoradoBiz Magazine. Pinnacol was selected as winner of the Top Company distinction from a pool of three finalists in the Financial Services category.
“We are honored to be recognized among the best of the best in Colorado’s business community, especially considering the quality of the finalists,” said Pinnacol Assurance CEO Ken Ross. “Pinnacol’s strength is its focus on workers’ comp insurance and Colorado. Our employees have directly contributed to our success through their commitment, innovative spirit, and involvement in the community.”
Established in 1988, ColoradoBiz Magazine’s Top Company awards recognize Colorado companies showing financial and operational excellence, as well as a commitment to the community. Companies must first self-nominate, and an outside agency then reviews and selects finalists in nine business categories based on financial performance, excellence in one or more operational aspects of their business, and community involvement. A panel of business and civic leaders selects winners from the finalists.
Pinnacol highlighted operational efficiency and innovative programs in its nomination, emphasizing the company’s recent financial turnaround. The workers’ comp insurer worked its way out of a half-billion dollar deficit by finding ways to operate more resourcefully and reduce costs. By 2005, Pinnacol had built a surplus in excess of regulatory requirements and was able to pay policyholders dividends for the first time in 23 years. Now in its second year of returning policyholder dividends, Pinnacol has returned a total of $112 million to businesses across the state. In 2006, the company also reduced rates to cut back monthly premium costs for Colorado policyholders.
ColoradoBiz “Top Company” award winners were announced yesterday at the Denver Center for Performing Arts.
Topics Workers' Compensation Colorado
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