Paula Financial said Friday that it will request to be delisted from the Nasdaq Capital Market because it was costing too much to listed as a public company.

The Pasadena-based specialty distributor of commercial insurance products said that its board of directors unanimously decided that delisting from the exchange was the best strategic option for the company, and would boost its profitability.

The company “carefully considered the advantages and disadvantages of continuing registration and listing [and] the costs and administrative burdens associated with being a public company have significantly increased, particularly in light of new SEC, Sarbanes-Oxley and Nasdaq requirements,” Chief Executive Jeff Snider said in a statement.

The company requested to be officially de-listed on Nov. 13. Paula Financial has posted a profit each of the last five years and has seen profits of more than $5 million over that period.

Shares in Paula Financial closed down 6 cents to $2.54 on Friday.