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