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September 18, 1996|Times Staff and Wire Reports

Superior National to Buy Pac Rim Holding: The deal, which is estimated to be worth $54 million, is expected to yield $3 to $3.10 a share to Pac Rim shareholders. The final price of the transaction, which would create the largest independent workers' compensation insurer in California, is subject to the size of Pac Rim's loss reserves when the transaction closes in early 1997, the companies said. The companies had been working toward an agreement for several weeks. Pac Rim Holding Corp., which sells insurance through its wholly owned subsidiary, Pacific Rim Assurance Co., had net premiums of $76 million last year. It is based in Woodland Hills, near the Calabasas headquarters of Superior National Insurance Group Inc.

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