Article Contributed on: 7/1/2009 11:23:03 AM
Castle Rock Chamber of Commerce announced that it will distribute $236,966 in workers' compensation dividend checks to 45 of its members as a reward for maintaining safe workplaces.
The checks come from Pinnacol Assurance, Colorado's leading workers' compensation insurer, which is issuing general dividends to thousands of companies throughout the state. Many checks will be personally delivered to Castle Rock businesses by the Chamber; other checks will be mailed.
This is the fifth year in a row that Pinnacol has issued a dividend to its policyholders, which is possible because of the company's financial health and stability. With the 2009 declaration, Pinnacol has now returned $347 million in total general dividends to Colorado's business community.
The general dividend rewards Pinnacol policyholders who have good safety records and low claims costs, which, in turn, help the company build its surplus. Dividend checks are calculated based on the size of a policyholder's annual premium compared to claims costs. The average 2009 dividend check will be about $2,200.
"Our ability to return a general dividend to our policyholders is a direct result of two things," said Ken Ross, Pinnacol Assurance president and CEO. "First, our policyholders have an incredible commitment to maintaining workplace safety and an undeniable focus on lowering their claims. Second, the dividend speaks to Pinnacol's strength and stability and our commitment to returning money to the people it belongs to - our policyholders. We can't underestimate the power of returning this money to Colorado businesses during these troubling economic times."
Pam Ridler, President of the Castle Rock Chamber of Commerce stated, "the Chamber's Safety Program has proved to be a financial "win" for our member participants. Not only do our members see value in a dividend, they also are seeing a benefit by reducing their accident claims. Statewide, Pinnacol is issuing $120 million in dividend checks to just over 54,000 qualifying businesses - roughly 89 percent of its policyholders.
Contact the Chamber for program information at 303-688-4597 or www.casstlerock.org.