Bermuda Management Firm Buys Majestic

CRM Holdings, an insurance management firm, is making its first foray into the primary workers' compensation market through the purchase of Majestic Insurance Co. CRM announced Monday that it has agreed to buy Embarcadero Insurance Holdings, a San Francisco-based workers' compensation insurer, for an estimated $45 million. Majestic is Embarcadero's wholly-owned subsidiary. CRM provides fee-based management and other services for workers' compensation self-insured groups in California and New York. CRM said total consideration for the purchase is the book value of Embarcadero on the closing ...