CRM Has No ‘Material Exposure’ to Subprime Crisis

CRM Holdings, Ltd., the Bermuda-based holding company of Compensation Risk Managers, LLC, a leading administrator of group self insurance workers’ compensation programs, stated that it “does not have any material exposure to the U.S. residential mortgage market in its investment portfolios.”

The bulletin explained that as of June 30, 2007, “the majority of its investment portfolio at its reinsurance subsidiary, Twin Bridges, was comprised of short-term U.S. government and agency securities, and cash and money market equivalents. The majority of its investment portfolio at its primary insurance subsidiary, Majestic Insurance Company, was composed of debt obligations of states and political subdivisions, corporate bonds, debt of U.S. government and agencies and equity securities.”

“We have conducted a careful analysis of our investment portfolios, and we are very comfortable with our minimal exposure to the sub-prime mortgage market,” commented Dan Hickey, Jr., CRM’s CEO. “Going forward, we will continue to monitor our portfolios to maximize value, and remain focused on creating long-term opportunities to grow at attractive rates of return and, ultimately, driving shareholder value.”

Source: CRM – http://www.crmholdingsltd.bm

Topics USA