Pacific Comp Shows $4.5M Underwriting Loss despite 36.1% Growth in Premium

Pacific Compensation Insurance Co., a workers' compensation subsidiary of Alleghany Corp., took a $4.5 million loss in the first quarter for the second year in a row. Alleghany reported the underwriting loss on Tuesday despite a 36.1% growth in Pacific Comp's net earned premiums from $14.4 million in the first quarter of 2014 to $19.6 million in the first quarter of 2015. The increasing revenue wasn't enough to offset rising costs, with the company's loss and loss-adjustment expense rising 48.5% from $10.3 million to $15.3 million and its underwriting expenses increa...