Major Rating Factors:
A history of deficient reserves (0.9 on a scale of 0 to 10) that places pressure on both capital and profits. In the last five years, reserves (two year development) fluctuated between 64% and 48% deficeint. Weak profitability index (1.7) with operating losses during the first six months of 2022. Average return on equity over the last five years has been poor at -3.7%.
Other Rating Factors:
Weak overall results on stability tests (1.5). Fair long-term capitalization index (3.6) based on fair current risk adjusted capital (severe and moderate loss scenarios), although results have slipped from the good range over the last two years. Good liquidity (6.0) with sufficient resources (cash flows and marketable investments) to handle a spike in claims.
Stability Factors:
R - Concerns about the financial strength of its reinsurers.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Personal/comm auto (100.0%)
Licensed in:
NY
Principal Investments:
Investment grade bonds (95.6%), cash (3.2%), preferred stock (0.8%), common stock (0.5%)
Corporate Info
Group Affiliation
None
Investment Rating
--
Company Address
40 Wall Street
New York, NY 10005
New York, NY 10005
Phone Number
(212) 514-7000
NAIC Number
10839
Website
Largest Affiliates
No affiliate information available.
