Pac Rim Holding Posts Loss of $5.22 Million
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Pac Rim Holding Corp., a Woodland Hills insurer, said its loss for the third quarter that ended Sept. 30 was $5.22 million, compared to a loss of $532,000 in the corresponding quarter last year.
Revenues for the third quarter were $24.06 million, up 14% from $21.14 million a year ago. For the first nine months of 1996, losses were $5.66 million compared to net income of $812,000 last year. Revenues in the nine months were $69.01 million, up 7% from $64.52 million.
The company attributed the results to operating losses and adjustment expense reserves for the 1990-93 accident years.
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