On July 1, BrickStreet Insurance made the second scheduled payment on its outstanding surplus note to the state of West Virginia, cutting the balance by $40 million.

The first payment of $15 million was made at the end of June 2007.

The Offices of the Insurance Commissioner also have approved an additional $60 million payment before the end of the year. More information will be shared as it becomes available.

"We're committed to paying off the surplus note as quickly as possible," said BrickStreet President and CEO Gregory A. Burton. Early payoff of the loan could allow BrickStreet to start paying dividends to policyholders sooner than anticipated.

Governor Manchin signed legislation in February 2005 to privatize West Virginia's workers' compensation system. A provision of the bill provided BrickStreet with a $200 million surplus note to establish its business practices and begin building adequate reserves to pay claims for injured workers.