Pac Rim Holding Corp., a Woodland Hills workers' compensation insurer, said it has elected a new chairman and completed $20 million in financing.
The new chairman, Robert M. Anderson, 51, is the owner, president and chief executive of Anderson and Anderson Insurance Brokers Inc. in Irvine. He and four other new Pac Rim board members replace five former board members who have resigned, including former chairman Chester I. Lappen. Stanley Braun, Pac Rim's president and chief executive, will remain at the company.
The financing is being provided by PRAC Ltd., an investment partnership controlled by Richard Pickup of Newport Beach, who is also the company's largest stockholder, Pac Rim said. Under terms approved by shareholders, Pac Rim issued $20 million of convertible debentures to PRAC, in addition to warrants to purchase another 3.8 million Pac Rim common shares.