• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • WCW HOME
  • Submit a Wire!
  • Advertising
  • Media Partners
  • About
  • Contact Us

WorkCompWire

Your Trusted Source for Workers Compensation News

Enlyte
  • Workers Compensation News
    • Workers Compensation Industry News
    • Association, Rating & Research News
    • Claims, Legal, & Compliance News
    • Legislative & Regulatory News
    • Risk Management News
    • Work Force & Human Resource News
  • Featured Articles
  • Leaders Speak
  • Editor’s Forum
  • People On The Move

Deterioration to Termination…

March 22, 2011 - WorkCompWire

Today’s issue of WorkCompRecap features news coming out of the mergers & acquisitions space as Majestic Capital’s previously announced merger agreement with Bayside Capital Partners has been terminated by Bayside. In its termination notice, Bayside cited a material deterioration in Majestic Capital’s capital surplus, an inability to secure regulatory approval for the merger, and a failure to satisfy the closing condition with respect to termination of Majestic Capital’s lease for office space in New York.

The merger’s failure is likely to result in a downgrade of Majestic Insurance Company’s “B++” financial strength rating and a conservation proceeding by the California Department of Insurance. Majestic Insurance Company, Majestic’s wholly-owned insurance subsidiary, has entered into a non-binding letter of intent with AmTrust Financial Services, Inc. by which Majestic Insurance Co. would sell AmTrust its renewal rights and AmTrust would assume Majestic Insurance Company’s loss reserves and in-force insurance business.

Find out more by clicking here.

Filed Under: Editor's Forum

Primary Sidebar

Get Our Free Newsletter:

Select list(s) to subscribe to


By submitting this form, you are consenting to receive marketing emails from: WorkCompWire.com, PO Box 1114, Culver City, CA, 90232, http://www.workcompwire.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

myMatrixx

Paradigm

One Call

MTI

Follow Us on Twitter

Tweets by WorkCompWire

Workers Compensation News Topics

  • Top Stories
  • Featured Articles
  • Leaders Speak
  • Editor’s Forum
  • The RxProfessor
  • Industry News
  • Association, Rating & Research News
  • People On The Move
  • Claims, Legal, & Compliance News
  • Legislative & Regulatory News
  • Risk Management News
  • Work Force & Human Resource News
  • Workers’ Compensation

Wire Archives

Copyright WorkCompWire © 2023