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For the sixth consecutive year, Colorado workers compensation insurer Pinnacol announced it is distributing general dividend checks to 53,000 customers, totaling $50 million.
Ninety-five percent of Pinnacol’s policyholders are eligible to receive a dividend, receiving an average dividend of $949 in 2021, according to an announcement issued Monday.
“During this year when Colorado businesses and their employees are facing significant financial hardships, we’re glad to be in a position to return some money to our policyholders,” Pinnacol’s president and CEO Phil Kalin said in a statement. “We’re also pleased that we have been able to reduce our customers’ rates by more than 32% since 2016.”
Counting this year’s distribution, Pinnacol has returned $320 million in total dividends to Colorado’s business community since 2016, which equals approximately 10% of premium, according to the announcement. In 2020, Pinnacol distributed $70 million in dividends to its customers during the coronavirus lockdown.
Colorado businesses covered by state-chartered workers compensation insurer Pinnacol Assurance will receive a share of a $50 million dividend by the end of March.