CRM Holdings Completes Majestic Purchase

CRM Holdings announced Tuesday that it has received all necessary regulatory approvals from officials in California and New York and completed the purchase of Embarcadero Insurance Holdings, the parent of Majestic Insurance Co. Embarcadero is a privately held California corporation with headquarters in San Francisco whose main subsidiary, Majestic, writes workers' compensation insurance for medium to large size businesses, predominantly in California, CRM said in a press release. CRM paid approximately $46.3 million for the company, of which $7.2 million will be held in escrow for vary...