CAP Moves to Resolve Member Liabilities

The Contractors Access Program (CAP) is moving forward in court to resolve in as equitable a manner as possible the $38 million in outstanding workers’ comp liabilities owed by its 250 members. The arrangement, in the form of two motions filed with the Sacramento Superior Court, will allow the members to essentially settle all the … Read More »

This content is only available to premium subscribers. Please login here log in

Read More »

Majestic Turnover Complete

The state’s conservatorship of workers’ comp carrier Majestic Insurance Company is proving to be a short one. Insurance Commissioner Dave Jones announced that the California Department of Insurance (CDI) successfully completed transactions to transfer Majestic’s liabilities and business obligations to AmTrust Financial Services Inc. (Nasdaq: AFSI) under its rehabilitation plan. The carrier was snatched out … Read More »

This content is only available to premium subscribers. Please login here log in

Read More »

Objections To CDI’s Rehab Plan for Majestic

Exclusive Former members of the failed self-insured Contractors Access Program group (CAP), which was managed by now conserved workers’ comp carrier Majestic Insurance Company’s parent Compensation Risk Managers (CRM), have filed a formal objection to the California Department of Insurance’s plan to rehabilitate Majestic.  Privately, other sources say, the California Department may find itself embroiled … Read More »

This content is only available to premium subscribers. Please login here log in

Read More »

Takeover of Majestic Imminent

California workers’ comp carrier Majestic Insurance Company appears headed to conservatorship as early as tomorrow (Tuesday). Officials at its parent company revealed in a filing with the Securities and Exchange Commission that they expect the California Department of Insurance (CDI) to step in and take over the carrier, our sources confirm it is imminent. The … Read More »

This content is only available to premium subscribers. Please login here log in

Read More »

Majestic Heads for Conservation

California’s Majestic Insurance Company is girding itself for a likely conservation action by the California Department of Insurance (CDI) after its parent company’s planned merger fell through. Bayside Capital Partners is terminating its merger agreement with Majestic Capital (Nasdaq: MAJC), which also ran the failed Compensation Risk Managers (CRM) group self-insurance units. Bayside cites a … Read More »

This content is only available to premium subscribers. Please login here log in

Read More »

Deficits High at Several Self-Insured Groups

A new and enlightening report from the Office of Self-Insurance Plans (OSIP) shows that nearly half of the self-insured groups (SIGs) in the state are underfunded, according to state financial regulations. The broad picture is that 13 of 29 groups in the state are operating at some level of deficit, including two that are at … Read More »

This content is only available to premium subscribers. Please login here log in

Read More »

Majestic Capital Agrees to Settle NY Lawsuits

Majestic Capital, Ltd. (Nasdaq: MAJC), formerly known as CRM USA Holdings Inc., says it’s agreed to the terms of a proposed settlement of a lawsuit with both the New York State Workers’ Compensation Board and the state attorney general for alleged mismanagement of its workers’ comp self-insured trusts for $41 million — a pittance compared to … Read More »

This content is only available to premium subscribers. Please login here log in

Read More »

CAPSIG Members Sue Brokers and CRM

Eleven of the Southern California members of the defunct Contractors Access Program of California (CAPSIG), a self-insured group, are suing third parties, including brokers and Compensation Risk Managers (CRM) for tens of millions of dollars in damages. The contractors hope to secure financial compensation to help offset the “joint and several liability” deficit they face … Read More »

This content is only available to premium subscribers. Please login here log in

Read More »