CRM Holdings, Ltd. Announces Affirmation of Majestic Insurance Co. Rating By A.M. Best
12 Agosto 2009 - 12:39PM
PR Newswire (US)
HAMILTON, Bermuda, Aug. 12 /PRNewswire-FirstCall/ -- CRM Holdings,
Ltd. ("CRM" or "the Company") (NASDAQ:CRMH), a provider of a full
range of products and services for the workers' compensation
insurance industry, announced that A.M. Best Co. affirmed the
financial strength rating of A- (Excellent) of CRM's wholly owned
primary insurance subsidiary, Majestic Insurance Co. ("Majestic").
"The ratings of Majestic reflect its solid capitalization,
profitable operating results, stabilization of its loss reserves
and its expertise within its specialty workers' compensation
markets," A.M. Best said in its announcement. "Offsetting these
strengths is the adverse loss reserve development reported in
Majestic's earlier years, a recent shift in the company's book of
business to smaller risks and new geographic areas, the reduced
financial flexibility of CRM Holdings, as well as some concern over
Majestic's ability to meet performance projections while
maintaining prudent capitalization levels." A.M. Best also affirmed
the debt ratings for CRM's subsidiaries: bb for $35 million of
8.65% junior subordinated debt securities due 2036 issued by CRM
USA Holdings, Inc., and bb on $8 million of LIBOR +4.2% surplus
notes due 2033 issued by Embarcadero Insurance Holdings, Inc. "We
are pleased with A.M. Best's affirmation of Majestic's A- rating.
We believe this recognizes the Company's efforts in prudent
management of its investments and Majestic's renewed focus on
underwriting discipline that represents a return to the practices
that have served them well over many years," said James Scardino,
CRM's Chief Executive Officer. The negative outlook on Majestic's
A- rating is maintained. An A.M. Best rating of A- (Excellent) is
the fourth-highest of 15 rating levels. A.M. Best ratings are
directed toward the concerns of policyholders and insurance
agencies and are not intended for the protection of investors or as
a recommendation to buy, hold or sell securities. About CRM
Holdings, Ltd. CRM Holdings, Ltd. is a provider of workers'
compensation insurance products. Its main business activities
include underwriting primary workers' compensation insurance
policies, underwriting workers' compensation reinsurance and excess
insurance policies, and providing fee-based management and other
services to self-insured entities. The Company provides primary
workers' compensation insurance to employers in California,
Arizona, Florida, Nevada, New Jersey, New York, and other states.
The Company reinsures some of the primary business underwritten and
provides excess workers' compensation coverage for self-insured
organizations. CRM is also a provider of fee-based management
services to self-insured groups in California. Further information
can be found on the CRM Web site at http://www.crmholdingsltd.bm/.
Contact Information: Mark Collinson CCG Investor Relations 10960
Wilshire Blvd., Ste. 2050 Los Angeles, CA 90024 (310) 954-1343
CRMH-G Forward-Looking statements This press release contains
forward-looking statements within the meaning of federal securities
law, including statements concerning plans, objectives, goals,
strategies, projections of future events or performance and
underlying assumptions (many of which are based, in turn, upon
further assumptions). These statements are based on our current
expectations and projections about future events and are identified
by terminology such as "may," "will," "should," "expect,"
"scheduled," "plan," "seek," "intend," "anticipate," "believe,"
"estimate," "aim," "potential," or "continue" or the negative of
those terms or other comparable terminology. All forward-looking
statements involve risks and uncertainties. Although we believe
that our plans, intentions and expectations are reasonable, we may
not achieve our plans, intentions or expectations. There are or may
be important factors that could cause actual results to differ
materially from the forward-looking statements we make in this
document. Such risks and uncertainties are discussed in the
company's Form 10-K for the year ended December 31, 2008, and in
other documents filed by the company with the Securities and
Exchange Commission. These risks and others could cause actual
results to differ materially from those expressed in any
forward-looking statements made. The Company undertakes no
obligation to update publicly or revise any forward-looking
statements made. DATASOURCE: CRM Holdings, Ltd. CONTACT: Mark
Collinson of CCG Investor Relations, +1-310-954-1343, for CRM
Holdings, Ltd. Web Site: http://www.crmholdingsltd.bm/
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