CRM Closing Two Self-Insured Groups, Citing Credit Market

Compensation Risk Managers confirmed Monday that it closed one of its four California self-insured groups last month and will shutter a second on March 1, saying the tight credit market prevented it from buying the surety bonds it needs to add new members and grow the business.The company, a subsidiary of CRM Holdings based in Poughkeepsie, N.Y., closed the Vintners and Independent Producers Self Insurance Program on Dec. 1 and plans to close the Preferred Auto Dealers Self-Insurance Program on March 1, CRM spokesman Peter Barden said. “Given the credit markets right now, to find an unco...