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.
Was this article valuable?
Here are more articles you may enjoy.
Arthur J. Gallagher’s RPS Acquires McKee Risk Management 
The Big Dog Is Off the Tech Porch: State Farm as ‘Next Gen Good Neighbor’ 
Safepoint Exec Pay, Slide’s Stock Sell-Offs Getting Attention in Florida 
Progressive Is Biggest Auto Insurer, Surpassing State Farm, Says S&P GMI 
