N.Y. Closes Group Trust Run by CRM Holdings

The New York State Workers' Compensation Board confirmed Monday that it ordered the closing, effective Aug. 2, of Public Entity Trust of New York, a group self-insurance trust representing 14 municipalities with 4,700 employees and combined payrolls of $160 million. Only nine public entities are active members of the trust, and most of those are expected to self-insure in the future, said Mary Beth Woods, the board's director of licensing. She declined to name the members. The trust, which is administered by CRM Holdings Ltd., was classified as "underfunded" in the board's June 1 financi...