Pac Rim’s Earnings Double in 2nd Quarter

Pac Rim Holding Corp., a Woodland Hills workers’ compensation insurer, said its earnings doubled in the second quarter, due largely to capital gains on its investments and a tax benefit.

In the three months that ended June 30, Pac Rim earned $902,000, up from $452,000 in net income a year before. Its revenue, however, fell 25% to $25.8 million from $34.4 million.

For the six months, Pac Rim’s profit declined 50%, to $960,000 from $1.92 million in net income a year earlier. Its revenue was $49.1 million, down 28% from $68 million in revenue in the 1992 period.

Pac Rim said it reduced its premium volume this year, but continues to see improvement in the tough conditions that have plagued the workers’ compensation industry, including fewer and less severe claims. The company also said it is talking with potential investors in its search for additional capital.