A life insurer hit hard by Hurricane Katrina says it ended up doing all right.
Pan-American Life Insurance Company, New Orleans, had to relocate employees to Texas after Katrina devastated New Orleans in August 2005.
The company had to spend $5.2 million on Katrina recovery efforts, and that forced the company to post a net loss of $4.5 million for 2005 on $242 million in statutory revenue, the company says.
But total sales were up 1%, and collected worksite premiums increased 22%, the company says.
Pan-American increased adjusted surplus to $287 million, from $247 million, by issuing a $50 million surplus note through a private placement.