Majestic Capital expects subsidiary conservatorship, can't file 10-K

By Caroline Salls

Pittsburgh, April 15 - Majestic Capital, Ltd. expects the California Department of Insurance to place its primary insurance subsidiary, Majestic Insurance Co., into conservatorship on April 20, according to a company news release.

As a result, the company said, it was not able to file its 10-K for the year ended Dec. 31 with the Securities and Exchange Commission within a 15-day extension period.

Majestic Capital said its failure to file the 10-K was also triggered by the need to evaluate its business and financial position in light of the expected conservatorship and the related impact on various 10-K disclosures.

The company said its independent registered public accountants will need more time to complete an audit of Majestic Capital for the year in question.

Majestic Capital, through its subsidiaries, is a Hamilton, Bermuda-based specialty provider of workers' compensation insurance products and services.

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