Investor Buys 5.2% Stake in Pac Rim Holding
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A Newport Beach investor has acquired a 5.2% stake in Pac Rim Holding Corp., an Encino-based provider of workers’ compensation insurance.
Richard H. Pickup, vice president of investments at Wedbush Morgan Securities Inc., now owns 500,000 common shares of Pac Rim, which he bought as a personal investment, according to a filing with the Securities and Exchange Commission.
He most recently bought 20,000 Pac Rim shares between Dec. 31 and Jan. 3 at prices ranging from $5.75 to $6.25 a share, the filing stated.
Wedbush Morgan was one of the main underwriters of Pac Rim’s initial public stock offering last March, when the company raised about $20 million. Pac Rim’s primary unit is Pacific Rim Assurance Co.
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