Major Rating Factors:
Weak profitability (1.9 on a scale of 0 to 10) with operating losses during 2022. Weak overall results on stability tests (2.7) including negative cash flow from operations for 2022. Fair overall capitalization (3.0) based on mixed results -- excessive policy leverage mitigated by excellent risk adjusted capital (severe loss scenario). Nevertheless, capital levels have fluctuated during prior years.
Other Rating Factors:
Good quality investment portfolio (5.0). Excellent Liquidity (7.0).
Stability Factors:
F - Negative cash flow.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
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Licensed in:
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