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Majestic Capital Announces Delay in Filing Annual Report on SEC Form 10-K

^{Published on 2011-04-14 15:45:32 - Market Wire}
 

HAMILTON, Bermuda--([ BUSINESS WIRE ])--Majestic Capital, Ltd. (aMajestic Capitala or the aCompanya) (Nasdaq: MAJC) today announced that it was unable to timely file its Annual Report on Form 10-K with the Securities and Exchange Commission (SEC) for the year ended December 31, 2010 within the 15 day extension period allowed under SEC Form 12b-25.

Majestic Capital filed Form 12b-25 with the SEC on March 31, 2011 but will not be able to file its Form 10-K within the 15 day extension period due to:

• Majestic Capitala™s expectation that the California Department of Insurance will place Majestic Insurance Company, Majestic Capitala™s primary insurance subsidiary, into conservatorship on or about April 20, 2011;
• the need to evaluate Majestic Capitala™s business and financial position in view of the foregoing and its impact on various disclosures to be made in Majestic Capitala™s Annual Report on Form 10-K; and
• in light of the above factors, the additional time required to allow the Companya™s independent registered public accountants to complete the audit of the Company for the year ended December 31, 2010.

About Majestic Capital, Ltd.

Majestic Capital, through its subsidiaries, is a specialty provider of workersa™ compensation insurance products and services. Further information about Majestic Capital and its business can be found on Majestic Capitala™s website at [ http://www.MajesticCapital.com ].