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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Sam Sorich: The Heart of ACIC

Sam Sorich jokingly says he doesn’t have any hobbies, but he says after partaking in California workers’ comp and property casualty insurance so heartily and for so many years, it’s time to try something new. And he will be sorely missed. The question is whether he can stay away from insurance. “I think I’ll try … 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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California Workers’ Comp Carriers 2009 Combined Results

California workers’ comp carriers are filing a steady stream of rate increases as medical costs rise. But most are unable to capitalize on those higher premiums due to lack of capital availability and a host of competitors willing to write it as it comes. The end result is a combined loss ratio for California’s workers’ … Read More »

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Slumping Payroll, Rates Continue to Depress Carriers’ Earnings

Workers’ comp carriers across California report depressed earnings from the just-completed second quarter. Loss of premium dollars continues to impact carriers’ bottom lines. The decline in premium is due in large part to loss of insured payroll, driven by a number of factors ranging from general loss of jobs in the state economy to accounts … Read More »

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CRM Founder Leaves with Golden Parachute Intact

Amid close scrutiny from regulators in at least two markets for its self-insured operations and by investors, CRM Holdings Ltd. announced that Daniel Hickey Jr. was stepping down immediately as CRM’s chairman and CEO. One of the original founders of CRM, Hickey will earn a payout of $3.3 million in severance plus accelerated stock benefits, … Read More »

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Carriers Close 2008 with a Thud

Carriers continue to trot out earnings reports that in some cases set new standards for depressing, but in comparison to the broader financial-services sector, the news is not always as bleak as it could be. While carriers announce significant hits to their balance sheets, with many reporting outright losses, a lone bright spot might be … Read More »

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