West Virginia Workers’ Comp Insurer Working to Pay off State Loan Early

The sole provider of workers’ compensation insurance in West Virginia plans to make an early $60 million payment on a $200 million startup loan from the state.

Greg Burton, BrickStreet Mutual Insurance Co.’s president and chief executive officer, says the company wants to pay off its debt to the state ahead of schedule. Among other benefits, the early payoff would allow BrickStreet to avoid a higher interest rate going into effect next year and start paying its policyholders dividends sooner.

The Legislature created BrickStreet in 2006 and abolished the state Workers’ Compensation Commission. The company will face market competition starting July 1.
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Information from: Charleston Daily Mail,
http://www.dailymail.com