Pac Rim Corp. Earnings Fall 32% in 1st Quarter

Pac Rim Holding Corp., a provider of workers’ compensation insurance, reported a 32% decline in first-quarter earnings despite a 50% jump in revenue.

In the three months ended March 31, Pac Rim’s net income fell to $968,000 from $1.43 million a year earlier, although its revenue climbed to $33.6 million from $22.4 million.

Pac Rim, like many other insurers, is struggling with a rising number of losses in its workers’ compensation business. The company “still is experiencing a generally higher frequency of claims,” Pac Rim said.

Pac Rim on Monday moved its corporate headquarters to Woodland Hills from Encino.