California-based PAULA Financial announced March 18 a net loss of ($5.53) per share for the year ended Dec. 31, 2001 compared to a net decline of ($3.51) per share for the same period a year ago. Negative underwriting results from its PAULA Insurance Company subsidiary were reported to be responsible for the earnings outcomes in each period.
On Feb. 28, the company announced that its move to voluntarily exit underwriting and associated insurance company operations as a fourth quarter reserve charge of $37 million moved the Risk Based Capital level of the insurance carrier to “Mandatory Control.” A.M. Best assigned a “D” rat
ing to PAULA Insurance Company following the announcement.
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