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| | Majestic Insurance Filed For Bankruptcy In New York On Friday
By Lonce LaMon - May 2, 2011
Majestic Insurance Company formally filed for bankruptcy in Poughkeepsie, New York, on Friday, April 29th. Majestic Capital Ltd. listed ~$50 million in debt in their Chapter 11 filing and this included five of Majestic Capital’s affiliates, including Majestic Insurance.
Majestic Insurance is a workers’ compensation carrier, writing workers’ comp in New York, New Jersey, Arizona, Nevada and California. In California there are three workers’ compensation claims offices—in San Francisco, Irvine, and in San Diego. For the past several years Linda Stavonski and Cheryl Kurpieski have been claims managers in San Francisco, while Cheryl Grey has been the claims manager in Irvine, and Michelle Green the claims manager in San Diego.
Ten days ago the California Department of Insurance announced that Majestic Insurance has been placed into conservatorship. Dave Jones, the California Insurance Commissioner, also filed a motion seeking approval for a proposed rehabilitation plan designed to protect Majestic’s policyholders and claimants from loss due to Majestic’s conservation. To read that April 21st 2011 adjustercom.com article, go to: http://www.adjustercom.com/modules.php?mop=modload&name=News&func=article_view&adj_article_id=1462
A downgrade from A.M. Best Company in March 2001 stated Majestic had “continued deterioration in its overall earnings,” according to a Press Release from Majestic, based in Hamilton, Bermuda. The company had more than 1,032 policyholders with average annual workers’ compensation primary insurance policy premiums of $87,000 as of December 31st 2010 according to its annual report of April 22nd. Total assets were listed as $432,290,000 as of that date, according to the filing.
The case is in re Majestic Capital Ltd., 11-3625, U.S. Bankruptcy Court, Southern District of New York (Poughkeepsie).
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