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Ken Ross has resigned as CEO of Pinnacol Assurance, Colorado's workers compensation insurer of last resort, the company said Monday.
Mr. Ross submitted his resignation Monday, according to Denver-based Pinnacol. A company spokesman did not provide details to Business Insurance about the reason for Mr. Ross' departure.
Pinnacol board Vice Chairman John Plotkin has been named the company's interim CEO until a replacement is found, Pinnacol's statement said. Mr. Ross will act as a consultant to Mr. Plotkin during the next 60 days, but will not report to Pinnacol's offices for work, the spokesman said.
"The workers compensation marketplace is undergoing significant change and the years ahead will be challenging," Pinnacol's statement reads. "The board will seek a chief executive with the ability to forge relationships with stakeholders that will allow Pinnacol to evolve and have the operational flexibility necessary to ensure it can continue to serve policyholders, injured workers and their families."
Pinnacol has 55,000 policyholders and reported $386 million in earned premium for 2011, according to the insurer's website.
DENVER—A plan to privatize Pinnacol Assurance has stalled following questions about the proposal from the insurer's stakeholders, including employers.