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Superior National Insurance Group

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BUSINESS
April 28, 2000 | A Times Staff Writer
Superior National Insurance Group, a workers' compensation company that was seized by state regulators last month, filed for Chapter 11 bankruptcy protection while it reorganizes. Calabasas-based Superior National said the bankruptcy court filing would not affect the operations of its four subsidiaries under the state's control. On March 3, the Department of Corporations seized Superior National and fired the company's top four executives.
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BUSINESS
January 11, 2005 | From Associated Press
Zurich Financial Services said Monday that it had reached a settlement with liquidators of Calabasas-based Superior National Insurance Group, ending a long-standing dispute. Under the deal, Zurich unit Centre Insurance Co. will pay as much as $110 million. Most of it will be in cash, the Swiss-based insurance giant said. The legal tussle focused on payments made by Superior National to Centre Insurance shortly before Superior National collapsed in 2000.
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BUSINESS
January 11, 2005 | From Associated Press
Zurich Financial Services said Monday that it had reached a settlement with liquidators of Calabasas-based Superior National Insurance Group, ending a long-standing dispute. Under the deal, Zurich unit Centre Insurance Co. will pay as much as $110 million. Most of it will be in cash, the Swiss-based insurance giant said. The legal tussle focused on payments made by Superior National to Centre Insurance shortly before Superior National collapsed in 2000.
BUSINESS
April 28, 2000 | A Times Staff Writer
Superior National Insurance Group, a workers' compensation company that was seized by state regulators last month, filed for Chapter 11 bankruptcy protection while it reorganizes. Calabasas-based Superior National said the bankruptcy court filing would not affect the operations of its four subsidiaries under the state's control. On March 3, the Department of Corporations seized Superior National and fired the company's top four executives.
BUSINESS
March 4, 2000 | STUART SILVERSTEIN, TIMES STAFF WRITER
In the largest government takeover ever of a workers' compensation company in California, state insurance officials Friday seized control of financially troubled Superior National Insurance Group. Industry experts say the takeover stemmed from Superior's management mistakes but also reflected a broad downturn in California's $5-billion-a-year workers' compensation insurance business.
CALIFORNIA | LOCAL
November 23, 1999
Superior National Insurance Group Inc., Calabasas, reported a net loss of $39 million for the third quarter ended Sept. 30 compared with a net income of $2.1 million for the same period last year. Net investment income rose to $8.5 million compared with $3.4 million. The company is the parent of Superior National Insurance Co. and California Compensation Insurance Co., workers' compensation insurers.
BUSINESS
March 4, 1997
Pac Rim Holding Corp., a Woodland Hills workers' compensation insurer, said it has amended its merger agreement with Superior National Insurance Group Inc. The agreements now states that Pac Rim will be acquired for about $42 million, resulting in payment of $2.11 per share to common shareholders. The price was renegotiated and reduced by $12 million to allow for an adjustment in reserves at Pac Rim subsidiary, the company said.
BUSINESS
July 30, 1996
Superior National Insurance Group Inc. in Calabasas reported a 27% jump in its second-quarter profit. The company's three-month earnings totaled $526,000, compared to a $414,000 profit a year earlier. Its net income for the six months ended June 30 was $1.2 million, more than double the $540,000 it earned in the first half of 1995. The profit gains were due to a one-time loss of $9.84 million in 1995 from Superior's discontinuance of its property and casualty operations, the company said.
CALIFORNIA | LOCAL
May 25, 1999
Superior National Insurance Group Inc., based in Calabasas, reported net income of $6.7 million or 38 cents per share for the first quarter ended March 31. This compares with net income of $1.9 million or 32 cents per share for the same quarter a year earlier. Net investment income was $12 million or 68 cents per share, compared with $4.3 million or 72 cents per share a year ago.
BUSINESS
March 4, 2000 | STUART SILVERSTEIN, TIMES STAFF WRITER
In the largest government takeover ever of a workers' compensation company in California, state insurance officials Friday seized control of financially troubled Superior National Insurance Group. Industry experts say the takeover stemmed from Superior's management mistakes but also reflected a broad downturn in California's $5-billion-a-year workers' compensation insurance business.
BUSINESS
October 20, 1998
Shares of Foundation Health Systems surged nearly 50% last week as Superior National Insurance Group said it expects to complete its $285-million purchase of Foundation's money-losing workers' compensation unit on Dec. 10. Woodland Hills-based Foundation, one of California's largest health insurers, on Friday saw a 32% jump in its share price, up 2 9/16 to 10 1/2--the biggest one-day percentage gain since Dec. 30, 1994.
BUSINESS
September 18, 1996 | Times Staff and Wire Reports
Superior National to Buy Pac Rim Holding: The deal, which is estimated to be worth $54 million, is expected to yield $3 to $3.10 a share to Pac Rim shareholders. The final price of the transaction, which would create the largest independent workers' compensation insurer in California, is subject to the size of Pac Rim's loss reserves when the transaction closes in early 1997, the companies said. The companies had been working toward an agreement for several weeks. Pac Rim Holding Corp.
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