BrickStreet Insurance’s profit from running West Virginia’s workers’ compensation program more than doubled to $185 million last year.
The Charleston-based insurer earned $70.7 million in 2006, its first year in business.
Most of the 2007 profit will go toward increasing reserves, but Brickstreet says part of the windfall may go to help repay $185 million it owes on a startup loan it received from the state in 2006.
Brickstreet has to repay $40 million on July 1, but the company says it is seeking state permission to pay an extra $50 million to $60 million this year.
Chief Executive Officer Greg Burton says BrickStreet wants to get out of debt quickly. Competitors are allowed to enter the state July 1 and Burton says he also hopes to begin paying dividends to policyholders.
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