Major Rating Factors:
Weak overall results on stability tests (1.9 on a scale of 0 to 10) including excessive premium growth, weak results on operational trends and weak risk diversification. Fair reserve development (4.7) as reserves have generally been sufficient to cover claims. In 2021 the two year reserve development was 58.9% deficient. Fair profitability index (4.6) with operating losses during 2021, 2022 and 2024.
Other Rating Factors:
Strong long-term capitalization index (10.0) based on excellent current risk adjusted capital (severe and moderate loss scenarios), despite some fluctuation in capital levels. Superior liquidity (10.0) with ample operational cash flow and liquid investments.
Stability Factors:
D - Limited diversification of general business, policy, and/or investment risk.
G - Fast asset or premium growth.
R - Concerns about the financial strength of its reinsurers.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Work comp (100.0%)
Licensed in:
NY
Principal Investments:
Cash (38.4%), investment grade bonds (29.3%), other (32.3%)
Corporate Info
Group Affiliation
None
Investment Rating
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Company Address
Five Hanover Square
New York, NY 10004
New York, NY 10004
Phone Number
(212) 776-1808
NAIC Number
10762
Website
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