BrickStreet's aggressive approach to paying off a $200 million startup loan from the state of West Virginia could reap benefits for its policyholders.

President and CEO Gregory A. Burton announced last week that the workers' compensation insurer made an extra, unscheduled payment of $60 million to the state. That's on top of a $15 million payment on July 1, 2007 and a $40 million payment on July 1, 2008.

"We have now repaid $115 million toward the original $200 million loan, less than three years into a 10-year payment plan," Burton said.

Because of BrickStreet's favorable 2007 earnings, the company asked the Insurance Commissioner to allow the extra $60 million payment. He said BrickStreet plans to continue pursuing an accelerated repayment of the loan. "Paying off the surplus note early is beneficial to everyone," he said.

"Once the note is completely paid off, as a mutual company, we may be able to return a portion of profits to our policyholders in the form of dividends. Early payoff of the note also can help eliminate the state's Old Fund liabilities faster, which improves our state's overall business climate."