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BrickStreet Repays Surplus Note Ahead Of Schedule

01 Jul, 2009 WorkersCompensation.com

                               
Charleston, WV (CompNewsNetwork) - BrickStreet Mutual Insurance Company today remitted its final principal payment on the company's Surplus Note to the Offices of the West Virginia Insurance Commissioner.

President and CEO Gregory A. Burton said the company received permission in June from Commissioner Jane Cline to pay off the original principal of the note ahead of schedule and the insurance provider remitted the final $85 million due on the loan today.

“I am extremely pleased that we have been able to pay off our debt to the State early,” Burton said. “Paying off the Surplus Note early is beneficial to everyone. It can help eliminate the state's Old Fund liabilities faster, which improves our state's overall business climate.”

The State of West Virginia loaned BrickStreet $200 million in the form of a Surplus Note as the new private company opened its doors in January 2006. Under the original terms of the loan, BrickStreet had 10 years to pay off the note. However, the company was permitted to make additional payments of $60 million in 2008 and $45 million in 2009. Ultimately the company paid the principal of the note in full in June 2009.

“This would not have been possible without the hard work and dedication of our employees and agents. I also want to extend my gratitude to West Virginia Governor Joe Manchin and Commissioner Cline and her staff for their commitment and assistance throughout our transition,” Burton said.

The CEO also pointed out, “While the original principal of the note has been paid off, we are still working closely with the Offices of the West Virginia Insurance Commissioner to account for any outstanding balances due from the novation of claims from 2005 that are in addition to the principal of the loan. We hope to get approval to make this payment by end of 2009. But, the good news is that the original principal amount of the Surplus Note has been paid in full and we are able to operate free of this large debt.”

BrickStreet began its historic role as West Virginia's first private workers' compensation carrier on Jan. 1, 2006. The workers' compensation insurance market opened to competition on July 1, 2008. As a mutual company, BrickStreet is owned by its policyholders.

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