Recognition places Denver-based Pinnacol in top 2% of P&C insurers nationwide
DENVER, July 22, 2019 — For the second consecutive year, Pinnacol Assurance was included on the Ward’s 50 list of best-performing property-casualty insurance companies in the United States by Aon. The annual list ranks insurance providers according to financial “safety, consistency and performance” over a five-year period.
The award places Pinnacol, Colorado’s leading workers’ compensation insurer, in the top 2% of the nearly 3,000 property-casualty insurance carriers Aon evaluated.
“Although financial conditions improved in 2018, the insurance industry faces dynamic disruptions and a rapidly changing business environment. The operating model of the insurance industry has transformed significantly over the past decade,” said Jeff Rieder, partner and head of Ward benchmarking at Aon. “In selecting the Ward’s 50, we identified companies that pass financial stability requirements and measure their ability to grow while maintaining strong capital positions and underwriting results.”
Pinnacol Assurance was named to the list this year alongside industry giants such as Travelers, Chubb and Progressive Insurance Group.
Aon measured performance indicators for property-casualty insurance providers over a five-year period. Noteworthy indicators evaluated include:
Five-year average combined ratio.
Five-year average return on total revenue.
Five-year average return on equity.
Five-year average return on assets.
Pinnacol Assurance President and CEO Phil Kalin said the recognition validates that the company is hitting the benchmarks it has set for fiscal stability, reliability and service to its customers.
“The Ward’s 50 honor illustrates how, over the past several years, Pinnacol has maintained industry-leading financial results. This includes record-high underwriting profitability, which has led to four years of rate decreases and hundreds of millions in dividends for our customers,” Kalin said. “Moreover, our focus on customer experience has led to breakthrough digital experience innovations and unprecedented customer satisfaction levels.”
About the Ward’s 50
To develop its annual list of the top 50 best-performing insurance companies, Ward’s 50 compares the financial performance of nearly 3,000 property-casualty insurance companies and more than 700 life-health insurance companies in the United States. Top performers in each segment are chosen based on objective data and subjective quality measures. Each company has passed all safety and consistency screens and achieved superior performance over the five years analyzed. This is the 29th consecutive year of the analysis.
