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| | Paula Earnings Packing a Slight Punch of Profitability
By Robert Warne - November 15, 2002It’s not the same old Paula the holding company once was, but after cutting loose Paula Insurance Co.’s (PICO) workers’ compensation operation, Paula Financial is maintaining it’s liquidity.
Paula turned in its third quarter scorecard with a slight cushion of black to separate the 2002’s numbers from the red.
PFCO’s third party administrator Pan Pacific Benefit Administrators (PPBA) generated a profit of only $12,000 for the third quarter compared to the $61,000 for the same period last year.
The company notes that a profitable but short-lived arrangement between PPBA and PICO, which only lasted for one-year was terminated June 14.
Overall though, the TPA for the first nine months of 2002 increased its fee income by $4.2 million, up from $91,000 for the same nine months in 2001.
Company officials are also pleased because Pan American Underwriters was able to salvage 92 percent of its customers who were covered under PICO policies. The transition from PICO to other carriers proved profitable because the customers were all retained on commission levels on equal or better terms.
Even though things are looking good right now the company has is enjoying not having any risk revenue exposure right now and doesn’t plan to re-enter the risk underwriting business at this time.
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