Pros
I worked at RICA for 19 years in the I.T. department. I found management to be very aligned with my own style which is to treat employees ethically and compassionately and always keep an eye on the bottom line. Making these two things work together is a real feat. RICA went through some changes in the law and rating structures for CA Workers Comp and the Premiums suffered. This was the choice of management who chose to not write business rather than write business that lost earnings. This is how the company survived the 1990s after Open-rating was enacted into law.
Cons
I really cannot think of any. As is usually the case, every benefit has a downside. We were bought by AFG (NYSE) and that meant we lost some autonomy but we gained a base for infusion of capital to replace antiquated systems.