Workers' Compensation Business Very Profitable to West Virginia Insurer

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The company that holds a monopoly on providing workers' compensation in West Virginia posted $185 million in profits in 2007.

BrickStreet Insurance's profit from running West Virginia's workers' compensation program more than doubled last year.

The Charleston-based insurer earned $70.7 million in 2006, its first year in business.

Most of the 2007 profit will go toward increasing reserves, but BrickStreet says part of the windfall may go to help repay $185 million it owes on a startup loan it received from the state in 2006.

On July 1, competitors are allowed to begin offering workers' comp insurance in West Virginia.

Tags: workers' compensation insurance, workers' compensation West Virginia, BrickStreet Insurance

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