Court Set to Rule On CAP Dissolution Plan

A Sacramento Superior Court is set to rule tomorrow on a plan for dissolving the failed Contractors Access Program (CAP) self-insured group (SIG) that will keep the group from following its parent CRM Holdings into bankruptcy. But the fallout from the $38 million failure — California’s first for an active SIG — is still being … Read More »

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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 »

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Court Approves Commissioner’s Majestic Rehabilitation Plan

Insurance Commissioner Dave Jones won court approval for his rehabilitation plan of the failed workers’ comp carrier Majestic Insurance Company this morning. The deal includes a loss portfolio transfer (LPT) AmTrust Financial Services (Nasdaq:AFSI). The plan promises to protect policyholders completely while leaving some assets behind for general creditors, which California Department of Insurance officials … Read More »

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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 »

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Majestic Delays Annual Report

Majestic Capital, parent to California’s Majestic Insurance Company, is delaying filing its annual report while it assesses the impact of the collapse of its planned merger with Bayside Capital and the subsequent ratings downgrade. The rating agency also lowered the issuer credit rating of parent Majestic Capital to “b” from “bb.” A.M. Best also dropped its … Read More »

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Majestic Going Private In Buy-Out Deal

The parent of Majestic Insurance Company says that its search for a capital partner is over. Officials from Majestic Capital (NasdaqCM: MAJC), formerly CRM Holdings, say they have struck a deal to once again become a privately held company through a buyout by Bayside Capital Partners, a holding company for Lancer Financial Group. The agreement … Read More »

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CRM Exits California SIG Business

One of the more notorious actors in California’s workers’ comp self-insured group (SIG) industry is on its way out of the business after giving up active management of the Healthcare Industry Self Insurance Program of California (HISIP). Majestic Capital, the parent of Compensation Risk Managers of California LLC (CRM CA) and Majestic Insurance, disclosed the … Read More »

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Ratings, Price Hurt Majestic Renewals

Stung by fallout from a ratings downgrade and ongoing competitive pricing in California’s workers’ comp market, Majestic Insurance’s corporate parent reported that second-quarter revenues were down 13% from the first quarter and off by 45% from the year-ago period. The decline is largely driven by a loss of premium, which on a net written basis … Read More »

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