Unicare Financial Corp

UniCare Financial Corp., which underwrites workers' compensation insurance in California, said on Thursday that it plans to buy back about 7% of its own stock, or 400,000 shares. The company believes its stock is underpriced at current levels and represents a good investment, said Russell E. Leatherby, chairman and chief executive. The stock closed Thursday at $9.50 a share, down 38 cents, on the New York Stock Exchange. UniCare announced the stock repurchase program after the market closed.

UniCare Financial Corp.'s founder, sensing a calmer stock market, said Thursday that he is renewing his effort to sell half of his 60% stake in the workers' compensation company. UniCare said it has filed an amended statement with the Securities and Exchange Commission to sell 1.5 million shares of common stock owned by Ralph W. Leatherby, the firm's chairman emeritus.

Russell E. Leatherby, president and chief operating officer of UniCare Financial Corp., will assume the additional title of chairman and chief executive effective Nov. 15. He succeeds his father, Ralph W. Leatherby, who will become chairman emeritus. Russell Leatherby will also assume the title of chairman and chief executive of UniCare Insurance Co., the company's principal subsidiary.

UniCare Financial Corp., an Irvine-based workers compensation insurance underwriter, posted earnings of $1.1 million in the second quarter, a 22% drop from the $1.5 million earned in the same period last year. Quarterly revenues rose 49% to $12.4 million from $8.3 million. For the first half of the year, the company reported earnings of $2.2 million, up 47% from $1.5 million a year earlier. Revenues in the period rose 52% to $24.5 million from $16.1 million.