Golden Eagle to Increase Reserves

Golden Eagle Insurance, California’s third-largest workers’ compensation carrier, has agreed to increase its reserves by $139 million to meet state demands. The state Department of Insurance said in September that a regular audit found Golden Eagle was overextended. The San Diego-based company argued that it has sufficient reserves, but it agreed to increase them 14% after losing its latest court appeal last week. On Tuesday, Golden Eagle met with state regulators to outline how it will boost reserves through a combination of reinsurance and money from last year’s profits, a company spokesman said.