Superior Insurance Reports 38-Cents-Per-Share Income

Superior National Insurance Group Inc., based in Calabasas, reported net income of $6.7 million or 38 cents per share for the first quarter ended March 31.

This compares with net income of $1.9 million or 32 cents per share for the same quarter a year earlier.

Net investment income was $12 million or 68 cents per share, compared with $4.3 million or 72 cents per share a year ago. The company realized gains of $100,000 or 2 cents per share in the most recent quarter, compared with $400,000 or 7 cents per share for 1998’s first quarter.

The company reported a $37-million decline in its premiums in force, and officials said the drop was due to the business acquired from Business Insurance Group, which had to be re-priced to conform with Superior’s standards.

Superior National Insurance Group is the parent company of Superior National Insurance Co. and California Compensation Insurance Co., which are specialty workers’ compensation insurers operating throughout the United States.