Bermuda incorporated Majestic Capital Ltd. lost $3.9 million during the second quarter, equalling a loss of 23 cents per share of common stock.

The loss was greater than the one reported for the same quarter a year ago of $2.1 million, or 12 cents per share, when the company was known as CRM Holdings Ltd. The company is a specialty provider of workers compensation insurance products.

Majestic reported that it had revenues of $14.5 million in the quarter versus $26.4 million in the same quarter a year earlier. Net earned premiums fell 52 percent to $10.9 million, a decrease executives attributed to competitive market conditions and continuing efforts to "improve overall price adequacy under those conditions". Also cited was a downgrade of Majestic Insurance Co.'s financial strength rating to a "level unacceptable to certain potential insured" and other factors.