Majestic and CRM Placed on Credit Watch

A.M. Best Co., on Tuesday, placed affiliated workers' compensation carrier Majestic Insurance Co., reinsurer Twin Bridges and three other entities under review for credit and financial-strength ratings, citing an ongoing probe of Compensation Risk Managers (CRM) by New York regulators and a subsequent plunge in stock prices. Concurrently, A.M. Best placed the issuer of credit ratings of Bermuda-based CRM Holdings, Embarcadero Insurance Holdings in San Francisco and CRM USA Holdings of Delaware under review with negative implications. Additionally, A.M. Best has placed the debt rating of "...