Conservation Office Puts 'Shell' of Majestic Up for Sale

For sale: One insolvent California workers' compensation carrier with no physical assets, a slightly tarnished brand name, but certificates of authority to sell policies in 17 states and $3.87 million in statutory deposits.The California Department of Insurance's Conservation & Liquidation Office has put Majestic Insurance Co. up for sale as a "clean shell free and clear of pre-acquisition liabilities." Bidders must submit a proposal by Aug. 31, along with a $50,000 refundable deposit.The Insurance Department placed Majestic into conservation on April 21, shortly before its Bermuda...