Insurance Department Takes Over Majestic

By Greg Jones, Western Bureau ChiefThe California Department of Insurance took control of Majestic Insurance Co. on Thursday through a conservation order it said is necessary because of a $46 million deficiency in the San Francisco workers’ compensation carrier’s reserves.San Francisco Superior Court Judge Peter Busch on Thursday issued an order appointing Insurance Commissioner Dave Jones conservator of the carrier, finding that Majestic is in such bad condition that any further transaction of business would be hazardous to policyholders, creditors and the public.The department al...