CII Financial’s Earnings Up Sharply in Quarter

CII Financial Inc., which provides workers’ compensation insurance through its California Indemnity Insurance Co. unit, said its second-quarter earnings nearly tripled from a year earlier on a 51% increase in revenue.

In the quarter that ended June 30, the Burbank-based company’s net income rose to $1.58 million from $533,000 a year earlier, and its revenue climbed to $18.6 million from $12.3 million.

For the first half of 1990, CII’s profit surged to $2.56 million from $1.06 million, and its six-month revenue increased 60% to $35.7 million from $22.3 million.

In addition, CII said it agreed to acquire Commind Insurance Co., which also provides workers’ compensation insurance in California. Terms were not disclosed. CII said it plans to apply to have its stock listed on the American Stock Exchange; the shares now trade in the over-the-counter market.