EICON reports loss, strong growth
Friday, April 18, 2003 | 11:24 a.m.
Employers Insurance Co. of Nevada, the state's largest workers' compensation insurer, Thursday reported a loss for 2002 despite strong growth.
EICON reported $55.2 million in premiums written for the quarter ending Dec. 31, up from $18.5 million in the fourth quarter of 2001. For the year, Employers Insurance said it wrote $185.5 million in premiums, up from $113.3 million in 2001.
Phil Levine, a spokesman for the company said the "vast majority" of the premium growth was related to the purchase of California-based Fremont Compensation Insurance Group.
Employers Insurance lost $13.4 million in 2002, compared to net income of $32.4 million in 2001. The company blamed $31.4 million in loss adjustment expenses, $10.3 million in lower investment income and $20.6 million for write-offs of obsolete fixed assets and uncollectible premiums.
The company also absorbed $4.3 million in non-recurring costs associated with the Fremont purchase.
Levine said most of the losses were one-time occurrences and should not increase rates for policyholders.
"I have not seen any reason or enough reason that would have any affect," he said. "The company's financial position is very strong."
The company had $1.2 billion in assets and a $215 million policyholder surplus as of Dec. 31, Levine said. Employers Insurance, Nevada's leading provider of workers' compensation insurance, was a state agency until it became an independent company in 2000.
archive
- Most Read
- Discussed
- Most E-mailed
- Live Blog: Pacquiao wins by TKO in round twelve
- Police seek man who stole $2,000 worth of clothing
- Floyd Mayweather Jr. and Manny Pacquiao: The only fight fans want to see
- Clubs want to be ‘good citizen,’ so stripper-mobile ends its run
- Now we can all see Islamic extremism for what it truly is
- Nuclear plant in Ely could complicate radioactive waste, water issues
- Bruised and battered, Cotto says he will fight again
- Boulder City struggles with shocking allegations
- Ensign Federal Credit Union fails
- Manny Pacquiao says he feels stronger than ever
Blogs
The Greene Room
MWC Winners and Losers: Week 11
Elsewhere
Dana White continues to push for event in Abu Dhabi
Politics: Ralston's Flash
Harry Reid is powerful for Northern Nevada, too!
The Kats Report
New face of Monte Carlo includes all the faces of Caliendo
The Greene Room
Predicting this weekend's Mountain West football slate (2 Comments)
Top Chef: Las Vegas
Top Chef Episode 11: Child's play
Miech Again
UNLV prez Smatresk is ready for some basketball (14 Comments)
Calendar »
- 16 Mon
- 17 Tue
- 18 Wed
- 19 Thu
- 20 Fri
-
Actor's Expo at Rave Motion Pictures
Rave Motion Pictures Town Square 18 | 3 p.m. to 5 p.m.
-
Lily Tomlin at the Hollywood Theatre
Hollywood Theatre at MGM Grand
-
Neil Sedaka at the Orleans
Orleans Hotel-Casino
-
Supernatural Santana – A Trip Through the Hits at The Joint
The Joint
The Sun
Locally owned and independent for more than 50 years.
Technorati





