Insurance Department Heads To Court Over Majestic Insurance

Attorneys representing Insurance Commissioner Dave Jones were in court this morning to present the California Department of Insurance’s (CDI) plan for placing workers’ comp carrier Majestic Insurance Company into conservatorship under the commissioner’s direction. The commissioner’s hand was forced when a financial examination of Majestic showed that its risk-base capital ratio was off the mark … Read More »

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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 »

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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 »

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Majestic Looking For Consent on Key Item

Majestic Capital Corp.’s (Nasdaq: MAJC) proposed $7.8 million sale to Bayside Equity may be hitting resistance as the companies seek to finalize the deal before the end of the quarter. For the third time in the past two months, the parent of California workers’ comp carrier Majestic Insurance Company has had to extend a key … Read More »

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AFG, Majestic, Everest Re and Liberty Post 3rd-Quarter Earnings

Now that the dust has settled from the elections, insurance carrier chief executive officers are sounding a cautionary if not negative note on California workers’ comp business. Several carriers posted 3rd-quarter earnings results, including American Financial Group (NYSE: AFG), which includes California workers’ comp carrier Republic Indemnity Company of California. Net written premium for specialty … Read More »

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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 »

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CRM Considers Majestic Sale Amid Losses

Saddled with costly agreements for accessing outside capital and stung by a rating agency downgrade on the eve of the January 1 renewal cycle, the corporate parent of San Francisco-based Majestic Insurance Company is considering “strategic alternatives” for the carrier. The news came as CRM Holdings (Nasdaq: CRMH) — soon to be renamed Majestic Capital … Read More »

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