May 15, 2009 (FinancialWire) — SeaBright Insurance Holdings, Inc. (NYSE: SBX) (Current Market Cap: US$188.17 Mil.) said it will reduce the base salary of the company’s chief executive officer by 20% and the base salaries of executive officers and certain management employees by either 10% or 5% depending upon salary level, effective May 16.

In a statement, the company said that the move is being made “at management’s recommendation and reflective of the current recessionary economy and its negative effect upon earned premium.”

SeaBright CEO John Pasqualetto called the move “an important symbol” of the company’s “overall efforts to reduce costs in response to current economic conditions.”

In addition, the non-employee directors of the company’s board have agreed to reduce certain of their fees by 20%.

Seattle-based SeaBright Insurance Holdings is an insurance holding company whose SeaBright Insurance Co. unitoperates as a specialty underwriter of multi-jurisdictional workers’ compensation insurance.

SeaBright Insurance distributes its maritime, alternative dispute resolution and state act products through selected independent insurance brokers and through an in-house wholesale broker affiliate.

The company provides workers’ compensation coverage to employers in various regions nationwide.

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