A probe by New York authorities into the operations of Poughkeepsie, N.Y.-based Compensation Risk Managers led to a rating firm action yesterday against the firm's parent and other related companies.
Compensation Risk Managers, a third-party administrator for self-insured workers' compensation groups, is currently under investigation by the New York State Attorney General's Office and faces possible license suspension for failing to pay injured workers awards and submitting false information.
A.M. Best Co. in Oldwick, N.J., said it placed the financial strength ratings of “A-minus” (excellent) and issuer credit ratings of “a-minus” of Majestic Insurance Company and Twin Bridges Ltd. under review with negative implications.
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