Republic American Blames Claims for Earnings’ Drop

Republic American Corp., blaming higher workers’ claims costs, said its earnings dropped 27% to $5.4 million, or 29 cents a share, in the first quarter ended March 31.

The Encino workers’ compensation insurance company earned $7.4 million, or 33 cents a share, a year earlier.

Republic American’s results were bolstered by $6.1 million in investment income, which grew 11% in the quarter from $5.5 million a year earlier.