Pacific Rim Assurance plans initial public offering.Pacific Rim Assurance plans initial public offering Salomon and Wedbush have $24 million underwriting Encino-based Pacific Rim Assurance Co., a writer of workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. insurance, has filed plans with the Securities and Exchange Commission to issue stock and become a public company. The insurer was founded in 1987 by Stanley Braun, 53, president, chief executive officer and board member. He is a former president and chief executive officer of Fairmont Insurance Co., acquired in 1987 by Transamerica Insurance Co. From 1976 to 1984 Braun held senior management positions with the Mission Insurance Group. The insurer declared a Chapter 11 bankruptcy in 1985, and assets were placed under control of state regulatory agencies state regulatory agency A state body responsible for establishing professional standards, and for certifying professionals or organizations through appropriate documentation . Braun received compensation of $550,502 in 1989. Also on the Pacific Rim board is David Rousso, 49. From 1978 to 1983, Rousso was a director of the Beverly Hills Savings and Loan Association savings and loan association, type of financial institution that was originally created to accept savings from private investors and to provide home mortgage services for the public. The first U.S. savings and loan association was founded in 1831. , which was placed in receivership in 1985. The Federal Savings and Loan savings and loan n. a banking and lending institution, chartered either by a state or the Federal government. Savings and loans only make loans secured by real property from deposits, upon which they pay interest slightly higher than that paid by most banks. Insurance Corp. filed a complaint in 1986 against certain board members of Beverly Hills Savings, including Rousso. He has answered the complaint, and denied the allegations. In 1989 a settlement was reached on the FSLIC FSLIC abbr. Federal Savings and Loan Insurance Corporation charges, but the settlement has not yet been approved by federal court. Jeff Goon, lawyer with Jeffer, Mangels mangels Beta vulgaris; called also mangel-wurzel. , Butler & Marmaro, acted as counsel to Pacific Rim on the initial stock offering. The New York-based brokerage house Salomon Bros BROS Brothers BROS Benefits and Retirement Operations Section (King County, Washington) BROS Barnes and Richmond Operatic Society (London, UK) . and Los Angeles-based Wedbush Morgan Securities will handle the $24.4 million underwriting, which is proposed to consist of 2.86 million shares at $8.50 each. Officially, the company will be named the Pac Rim Holding Corp. and will trade under the "PRIM" symbol in the over-the-counter market over-the-counter market Trading in stocks and bonds that does not take place on stock exchanges. Such trading occurs most often in the U.S., where requirements for listing stocks on the exchanges are strict. . For the year ended Dec. 31, 1989, Pac Rim reported net income of $2.64 million on revenues of $41.4 million. It has about 140 full-time employees. Workers compensation in California is a mandatory system of which employers provide employees with medical care and other benefits for work-related injuries. Currently, employers pay an average of $4.90 in workers compensation for every $100 in wages. The company's disclosure statements noted that California is an extremely competitive market for the underwriting of workers compensation insurance, with about 300 underwriters of such insurance operating in the state. Pac Rim is the 43rd-largest underwriter of workers compensation in the state. The company does not foresee paying dividends on its stock. |
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