Minneapolis-based workers’ compensation program manager RTW Inc. reported fourth-quarter net income of $2.7 million, or 52 cents per basic and 49 cents per diluted share. For the year, the company reported net income of $7 million, or $1.37 per basic and $1.32 per diluted share.
CEO Jeffrey B. Murphy said the company achieved a 1.4 percent rate increase on policies renewing in 2003, down considerably from 2002. He also said that Minnesota, Michigan and Colorado would “provide us opportunities to write profitable business as we focus on business that is in our niche at rates we believe appropriate.”
Murphy also reported the company had not so far achieved its plan to extend its workers’ compensations services to self-insured employers and other alternative markets.
Net income for the fourth quarter of 2002 was $8.1 million, or $1.57 per basic and diluted share, and $14.3 million, or $2.78 per basic and diluted share, for the year.
RTW’s workers’ compensation management system is designed to lower employers’ costs and return injured employees to work as soon as possible. RTW offers its insured products primarily to employers in Minnesota, Colorado and Michigan and will provide non-insured services outside those states as well. Clients span many industries, including manufacturing, health care, hospitality and wholesale/retail.
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