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Pinnacol Assurance will cut its workers' compensation insurance rates next year by an average of 10 percent under a plan approved by the carrier's board of directors.

The rate decrease is the fourth consecutive annual reduction and takes effect Jan. 1 for its more than 57,000 policyholders. The carrier also will pay a general dividend totaling about $70 million next year, the fourth consecutive such payment. The dividend, which is about 11 percent of the average premium, is based on Pinnacol's 2018 financial results and will be paid in April.

Denver-based Pinnacol is owned by its policyholders.

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