Pac Rim Holding Loses $1.08 Million in Quarter
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Pac Rim Holding Corp., a Woodland Hills workers’ compensation insurer, reported a $1.08-million loss in the first quarter.
A year ago, the company earned $58,000. Its revenue in the three months ended March 31 was $23.6 million, up from the $23.3 million in first-quarter revenue in 1993.
Pac Rim said that continuing concern by agents, brokers and policyholders about its financial strength and lack of capital hurt its ability to renew policies and acquire new business in the first quarter.
The company previously had said its long search for capital led to an agreement in April to sell $20 million in convertible debentures to an investment partnership controlled by Richard Pickup of Newport Beach. The transaction is subject to regulatory and stockholder approval.
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