CRM Announces Losses and Layoffs Tied to N.Y. Trust Market Exit

CRM Holdings, the parent company of Majestic Insurance Co. and reinsurer Twin Bridges, posted a $2.9 million net loss from continuing operations for the third quarter on Wednesday and said its exit from the New York self-insured trust market cost Twin Bridges nearly $3.4 million in premiums.Chairman and CEO Daniel Hickey Jr. told investors the Bermuda-based workers' compensation services group took a significant hit from its business realignment.CRM surrendered its control of its five remaining group self-insured trusts in New York and its third-party administrator's license Sept. 8 un...