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Brickstreet makes extra $60M payment to state

August 01, 2008 @ 12:10 PM

The Associated Press

Herald-Dispatch.com

CHARLESTON (AP) — A company created to take privatize West Virginia’s workers’ compensation insurance program says it has made an extra $60 million payment on a state loan.

Lawmakers provided Brickstreet Insurance $200 million in 2006 to help underwrite initial startup costs. The company was given 10 years to repay the debt.

Brickstreet says a profitable year allowed it to make the unexpected $60 million payment. To date, the company has repaid $115 million of the loan.

When lawmakers created the program, they gave Brickstreet the corner on West Virginia’s workers’ comp market until July 1. Since then, competing companies have been free to provide such coverage to businesses in the state.