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Pinnacol Assurance announced on Monday it is distributing general dividend checks to its customers totaling $70 million.

Pinnacol also recently lowered its rates by 10 percent on average.

Both the dividend and the rate decrease marked the fourth consecutive year of doing so for the state’s workers’ comp giant.

Pinnacol chalked up the dividend and rate decrease to its stewardship of premium dollars and its partnership with customers to build a culture of safety within Colorado workplaces.

More than 52,000 employers throughout the state — roughly 94 percent of the company’s customers — will receive a dividend in late March. Check amounts are calculated based on premium size and success workplace safety records.

The average 2019 dividend check is expected to be $1,328.

The general dividend is a portion of a mutual insurance company’s surplus returned to its eligible customers. Pinnacol reports that it has issued a dividend 11 times since 2005, returning more than $500 million in total general dividends to Colorado businesses.

Topics Colorado