US Facilities Corp. Sees Net Income Rise
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US Facilities Corp., a Costa Mesa insurance holding company, reported $388,000 in net income in the first quarter, an 84.4% increase over the $207,000 earned in last year’s first quarter. Total revenues in the quarter more than doubled to $7 million from $3 million.
The earnings this year were “were within an expected range,” said George Kadonada, company chairman. US Facilities operates US Benefits Inc., a nationwide underwriting manager for excess medical coverage, and USF RE INSURANCE CO., a property and casualty reinsurance company.
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