Majestic Capital Ltd is to voluntarily delist from the Nasdaq Stock Exchange.The Bermuda-based company, whose subsidiaries offer workers’ compensation insurance in the US, said in a regulatory filing on Friday the effective date of the delisting would be May 9.Majestic received a delisting notice from the Nasdaq on April 15, which said the company had failed to file its 10K for 2010 on time.The company announced in its Form 25 filing with the Securities and Exchange Commission: “Majestic Capital elected to voluntarily delist its common stock in lieu of the mandatory delisting which would occur as a consequence of the fact that Majestic Capital filed a Form 10-K for the year ended December 31, 2010 which is not in compliance with the Nasdaq continued listing obligations due to the presence of an auditor’s disclaimer of opinion in that filing.”Last month California took over Majestic Insurance Co. in the state, Insurance Commissioner Dave Jones announced.In a statement on April 21, the commissioner said his office had filed a motion seeking court approval of a rehabilitation plan that would transfer San Francisco-based Majestic’s liabilities to Cleveland-based AmTrust North America Inc.AmTrust, which provides AmTrust, which provides workers compensation coverage for small and midsize companies, would administer policyholder claims.Components of the deal include a loss portfolio transfer, sales of renewal rights and the purchase of assets.The conservation, meanwhile, will not cause any delay in injured workers receiving benefits, the commissioner said in a statement.“For some time, my department has been concerned with Majestic’s financial condition, and has been carefully monitoring the company to determine if an intervention is warranted to make certain that Majestic can continue to honour its claim commitments,” the commissioner said in the statement.In 2009, the New York State Workers’ Compensation Board filed suit seeking $400 million in damages from Majestic and Majestic Capital for losses resulting from the failure of several group workers compensation trusts.Majestic Capital Ltd, changed its name last year from Compensation Risk Managers.Majestic Insurance also provided workers’ comp coverage to employers in Arizona, Nevada, New Jersey and other states. During 2010 it wrote $69 million direct premiums in California, the commissioner said.