Former State-Backed Insurer, Brickstreet, Repays West Virginia Loan

Workers’ compensation insurer BrickStreet Mutual Insurance Co. says it has completed an early payoff on a $200 million startup loan from West Virginia.

President and Chief Executive Officer Greg Burton says the Charleston-based company submitted the final $85 million Tuesday on the original principal.

Lawmakers provided Brickstreet the loan in 2006 to help underwrite startup costs. The company was given 10 years to repay the debt.

BrickStreet was spun off from a state agency and had a monopoly on workers’ compensation insurance in West Virginia until July 2008.