PELICAN Ins (A Reciprocal RRG)
Major Rating Factors:
Poor long-term capitalization index (1.2 on a scale of 0 to 10) based on weak current risk adjusted capital (severe and moderate loss scenarios). Weak profitability index (2.6) with operating losses during 2024. Weak overall results on stability tests (2.7) including weak risk adjusted capital in prior years, weak risk diversification and negative cash flow from operations for 2025. The largest net exposure for one risk is excessive at 6.5% of capital.
Other Rating Factors:
Fair reserve development (3.3) as the level of reserves has at times been insufficient to cover claims. In 2024 and 2025 the two year reserve development was 32.3% and 35.4% deficient respectively. Good liquidity (5.8) with sufficient resources (cash flows and marketable investments) to handle a spike in claims.
Stability Factors:
C - Past results on our Risk-Adjusted Capital tests.
D - Limited diversification of general business, policy, and/or investment risk.
F - Negative cash flow.
Principal Lines of Business:
Med mal (90.0%), other (10.0%)
Licensed in:
VT
Principal Investments:
Common stock (49.4%), investment grade bonds (37.7%), cash (3.6%), other (9.3%)
Corporate Info
Group Affiliation
None
Investment Rating
--
Company Address
30 Main Street
Burlington, VT 05401
Burlington, VT 05401
Phone Number
(717) 526-1010
NAIC Number
11587
Largest Affiliates
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