Profit Slides 91% for Pac Rim Holding Corp.

Pac Rim Holding Corp., a Woodland Hills underwriter of workers’ compensation insurance, said its third-quarter profit plunged 91% from a year earlier despite a 33% increase in revenue.

In the quarter ended Sept. 30, Pac Rim’s net income dropped to $171,000 from $1.88 million a year earlier, while its revenue climbed to $35.5 million from $26.7 million.

Pac Rim, whose main unit is Pacific Rim Assurance Co., is being hurt by rising losses in its workers’ compensation lines. The company “continues to operate in an extremely difficult business and regulatory climate,” President Stanley Braun said in a statement.

Pac Rim said it is limiting new business, canceling some policies and lifting premiums on others, and trying to cut underwriting costs to combat the rise in claims losses.

For the first nine months of 1992, Pac Rim’s profit fell 59%, to $2.09 million from $5.15 million, and its nine-month revenue rose 41%, to $103.5 million from $73.3 million.