Wednesday, April 20, 2011

Majestic Insurance

Bermuda-based Majestic Capital Majestic Capital Ltd. announced that it was unable to timely file its annual report on Form 10-K with the Securities and Exchange Commission (SEC), and it is likely that the California Department of Insurance will place its primary insurance subsidiary, Majestic Insurance Co., into conservatorship shortly.

Majestic Capital, through its subsidiaries, is a specialty provider of workers’ compensation insurance products and services including a significant amount of Longshore.  Three quarters of the company’s business is written in California, with the remainder written predominately in New York and New Jersey.