Bermuda-based workers' compensation insurance specialist CRM Holdings Ltd. has moved to address concerns related to a threat to its third-party administrative licence in New York.

The company's US subsidiary Compensation Risk Managers is facing an action from the New York Workers' Compensation Board to revoke the licence that allows it to provide third-party claims administrative services to self-insured workers' compensation groups in the state.

CRM has also received a subpoena from the office of New York Attorney General Andrew Cuomo, in a request for documents that CRM believes is related to the WCB action.

In a statement released on Friday, CRM stated it had been an administrator of group self-insurance to the people of New York state for eight years.

"In this capacity, CRM has created significant employment opportunities and remains one of Poughkeepsie's largest job providers," the statement added.

"For obvious reasons, CRM is disappointed by the WCB's and state Attorney General's inquiries. However, we would like to affirm to all of our associates that Majestic Insurance and the company's other subsidiaries are continuing to conduct business in their customary manner. As always, the company's responsibility to its clients remains paramount. While CRM works to address these concerns, the company appreciates the ongoing patience of its client base and the loyalty of its shareholders, employees and broker partners."