CRM Holdings, Ltd. Responds to the New York Attorney General
09 Dezembro 2009 - 8:00PM
Business Wire
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, today announced that it has
received a “Notice of Imminent Enforcement Action” from the New
York State Office of the Attorney General (“Attorney General”).
According to the Notice, the Attorney General intends to file
civil claims against the Company, certain of its subsidiaries, and
certain directors and officers to seek redress of allegedly
unlawful practices, unless an acceptable settlement can be reached
within five days. The Attorney General’s Notice follows over 19
months of investigation, during which time the Company has
cooperated fully with the Attorney General’s office.
The Attorney General alleges that the Company and the other
named parties engaged in fraudulent practices in connection with
Compensation Risk Managers, LLC’s administration and marketing of
workers’ compensation group self-insurance trusts in New York and
in connection with the Company’s initial public offering completed
in December 2005. These practices are alleged to have violated New
York’s Executive Law and Martin Act. The Attorney General is
intending to seek injunctive relief, restitution, damages,
penalties, and costs.
The Attorney General’s Notice indicated that it remains open to
resolving the investigation without litigation and has provided the
Company and the named directors and officers with five days to
present acceptable offers of settlement.
The Company is disappointed by the Attorney General’s decision
to bring the lawsuit and dismayed that the Attorney General’s
office chose to disclose the Notice before the indicated window for
discussion had expired. The Company denies the Attorney General’s
allegations and believes that its business and management practices
in connection with the New York trusts were proper and that all
material information was disclosed during its initial public
offering. The Company believes that the Attorney General’s
allegations are without merit, but is committed to resolving the
Company’s legal issues in the best interests of its shareholders,
employees, clients and other stakeholders.
About CRM Holdings, Ltd.
CRM Holdings, Ltd. is a provider of workers’ compensation
insurance products. Its main business activities include
underwriting primary workers’ compensation 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 Company’s website at
http://www.CRMHoldingsLtd.bm.
CRMH-E
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.
Crm (NASDAQ:CRMH)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Crm (NASDAQ:CRMH)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024