A.M. Best Co. said the $46.3 acquisition of Embarcadero Insurance Holdings Inc. by CRM Holdings Ltd. has resulted in an upgrade for Embarcadero's subsidiary, the workers' compensation insurer Majestic Insurance Company.

Bermuda-based CRM, a management services-brokerage firm, completed its acquisition on Tuesday.

Best said the San Francisco-based Majestic Insurance Company is no longer under review and has been upgraded to “A-minus” (excellent) from “B-double-plus” (very good), said Best.

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