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| | Workers Comp Management Firm, CRM Holdings, Considers Options
By Lonce LaMon - May 8, 2010The troubled workers' compensation management firm, CRM Holdings, Inc., is looking into options that could include shedding operations, selling, or merging, it announced on Thursday. Its stock traded at 36 cents on Thursday morning, whereas it traded at 48 cents at the close of the day on Wednesday, dropping by 12 cents in a single day.
The Bermuda-based CRM surrendered its Third-Party Administrator license in New York in 2008 when regulators took over many of its self-insurance trusts. In April 2010, reports abounded that CRM had shut down a California self-insured group, Contractors Access Program of California, because it could not cover its liabilities.
In its earnings release, CRM stated it earned 16.7 million dollars in revenue for the first quarter 2010 compared with 26 million in revenue for the first quarter of 2009. CRM said it had a net loss of 7.7 million dollars during the 2010 first quarter.
CRM also stated the decline in revenue happened because its Majestic Insurance Company unit could not retain or compete for certain rating-sensitive business because A.M. Best Co. downgraded its financial strength rating from A- to B++ last year.
Lonce LaMon lonce@adjustercom.com
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