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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Majestic Capital, Ltd. - Common Shares (MM) | NASDAQ:MAJC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.1693 | 0 | 01:00:00 |
From Jun 2019 to Jun 2024
A.M. Best Co. has downgraded the financial strength rating (FSR) to E (Under Regulatory Supervision) from B (Fair) and issuer credit rating (ICR) to “rs” from “bb+” of Majestic Insurance Company (Majestic) (San Francisco, CA). The ratings have been removed from under review with negative implications.
A.M. Best also has downgraded the FSR to C+ (Marginal) from B (Fair) and ICR to “b-” from “bb+” of Twin Bridges (Bermuda) Ltd. (Hamilton, Bermuda). Concurrently, A.M. Best has downgraded the ICRs to “c” from “b” of both companies’ ultimate parent, Majestic Capital, Ltd (Majestic Capital) (Hamilton, Bermuda) (NASDAQ: MAJC), as well as Majestic Capital’s intermediate holding companies, Embarcadero Insurance Holdings, Inc. (Embarcadero) (San Francisco, CA) and Majestic USA Capital, Inc. (Majestic USA) (Wilmington, DE). Additionally, A.M. Best has downgraded the debt ratings to “d” from “ccc+” on the trust preferred securities of Majestic USA and Embarcadero. All the above ratings are under review with negative implications, with the exception of Majestic until further discussions are held with management or future business plans are finalized. (See below for a detailed listing of the debt ratings.)
These rating actions follow the announcement that the California Department of Insurance has issued an order of conservation for Majestic, effective April 21, 2011.
The following debt ratings have been downgraded.
Majestic USA Holdings, Inc.— -- to “d” from “ccc+” on $35 million 8.65% junior subordinated debt securities, due 2036
Embarcadero Insurance Holdings, Inc.— -- to “d” from “ccc+” on $8 million LIBOR + 4.2% surplus notes, due 2033
The principal methodology used in determining these ratings is Best’s Credit Rating Methodology -- Global Life and Non-Life Insurance Edition, which provides a comprehensive explanation of A.M. Best’s rating process and highlights the different rating criteria employed. Additional key criteria utilized include: “Risk Management and the Rating Process for Insurance Companies”; “Understanding BCAR for Property/Casualty Insurers”; “Rating Members of Insurance Groups”; and “A.M. Best’s Ratings & the Treatment of Debt.” Methodologies can be found at www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.
Copyright © 2011 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.
1 Year Majestic Capital, Ltd. - Common Shares (MM) Chart |
1 Month Majestic Capital, Ltd. - Common Shares (MM) Chart |
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