Major Rating Factors:
Good long-term capitalization index (6.6 on a scale of 0 to 10) based on good current risk adjusted capital (severe loss scenarios). Over the last several years, capital levels have remained relatively consistent. History of adequate reserve strength (6.7) as reserves have been consistently at an acceptable level. Fair profitability index (3.9) with operating losses during 2020, 2021, 2022, 2023 and the first three months of 2025. Average return on equity over the last five years has been poor at -8.4%.
Other Rating Factors:
Fair overall results on stability tests (4.3) including negative cash flow from operations for 2024. Strengths include potentially strong support from affiliation with National Chiropractic Mutual Holding Co. The largest net exposure for one risk is conservative at 1.7% of capital. Excellent liquidity (7.6) with ample operational cash flow and liquid investments.
Stability Factors:
D - Limited diversification of general business, policy, and/or investment risk.
F - Negative cash flow.
R - Concerns about the financial strength of its reinsurers.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Med mal (36.4%), other (63.6%)
Licensed in:
All states except ID, ME
Principal Investments:
Investment grade bonds (94.5%), cash (3.5%), other (2.0%)
Corporate Info
Group Affiliation
National Chiropractic Mutual Holding Co
Investment Rating
--
Company Address
14001 University Avenue
Clive, IA 50325
Clive, IA 50325
Phone Number
(515) 313-4500
NAIC Number
11127
Website
Largest Affiliates