West Virginia-based BrickStreet Makes Early Note Payment

BrickStreet President and CEO Gregory A. Burton announced the Charleston, West Virginia-based workers’ compensation insurer made an extra, unscheduled payment of $60 million to the state of West Virginia toward repayment of a startup loan.

“We have now repaid $115 million toward the original $200 million loan, less than three years into a 10-year payment plan,” Burton said.

West Virginia loaned BrickStreet $200 million — in the form of a surplus note — to create the company in 2006. BrickStreet made scheduled payments of $15 million on July 1, 2007 and $40 million on July 1 of this year.

Because of BrickStreet’s favorable 2007 earnings, the company asked the Insurance Commissioner to allow the extra $60 million payment as well.

Burton said BrickStreet plans to continue pursuing an accelerated repayment of the loan.

Source: BrickStreet