Major Rating Factors:
Low quality investment portfolio (1.6 on a scale of 0 to 10) containing large holdings of BBB rated bonds in addition to junk bond exposure equal to 69% of capital. Weak profitability (1.6) with operating losses during 2022. Return on equity has been low, averaging -35.4%. Weak overall results on stability tests (2.3) including weak risk adjusted capital in prior years.
Other Rating Factors:
Fair overall capitalization (3.1) based on mixed results -- excessive policy leverage mitigated by fair risk adjusted capital (moderate loss scenario). Fair Liquidity (4.5).
Stability Factors:
C - Past results on our Risk-Adjusted Capital tests.
G - Fast asset or premium growth.
I - Past results on our Investment Safety Index.
L - Past results on our liquidity tests.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
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Licensed in:
All states except AK, NY, PR
Investments
Invested Assets
Cash
CMO & Structured Securities
Other Investment Grade Bonds
Non-Investment Grade Bonds
Common & Preferred Stock
Mortgages in Good Standing
Non-Performing Mortgages
Real Estate
Other Investments
Investments in Affiliates
Corporate Info
Group Affiliation
None
Investment Rating
--
Company Address
900 CONGRESS AVE SUITE 300
AUSTIN, TX 78731
AUSTIN, TX 78731
Phone Number
(480) 425-5100
NAIC Number
60445
Website
Largest Affiliates
No affiliate information available.
