2nd-Quarter Profit Falls 75% at Pac Rim Holding
Pac Rim Holding Corp., a Woodland Hills-based provider of workers’ compensation insurance, said its second-quarter profit plunged 75% from a year earlier despite a 42% increase in revenue.
In the quarter ended June 30, Pac Rim’s net income fell to $452,000 from $1.84 million a year earlier, while its revenue climbed to $34.4 million from $24.2 million.
Pac Rim is the holding company for Pacific Rim Assurance Co., which has been hurt by growing claims and losses in its workers’ compensation lines. The state Insurance Department recently approved a 6.7% hike in the premium rates that workers’ compensation insurers can charge, but Pac Rim labeled the increase “grossly inadequate.â€
The company’s profit for the first half of 1992 dropped 41%, to $1.92 million from $3.27 million a year earlier, and its six-month revenue rose 46%, to $68 million from $46.6 million.
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