Majestic Capital, Ltd (MAJC) announced A.M. Best has downgraded the financial status of Majestic Insurance Company from B+(Good) to B (Fair). This news comes on the heels that Bayside Capital has terminated its’ agreement to purchase Majestic Capital for 7.8 million.
Sources at Majestic Insurance confirm that the carrier will pull out of New York – New Jersey workers compensation markets. Policy holders will be notified of their non-renewal upon the expiration of their polices.
Majestic Insurance Company, once a subsidiary of CRM Holdings, provided workers compensation coverage primarily for NY and NJ contractors.