Major Rating Factors:
Weak profitability index (2.7 on a scale of 0 to 10) with operating losses during 2021, 2022 and 2024. Average return on equity over the last five years has been poor at -14.9%. Weak overall results on stability tests (2.1) including weak risk diversification, negative cash flow from operations for 2024 and weak risk adjusted capital in prior years. The largest net exposure for one risk is excessive at 6.9% of capital. Good long-term capitalization index (6.3) based on good current risk adjusted capital (moderate loss scenarios), although results have slipped from the fair range during the last year.
Other Rating Factors:
Ample reserve history (8.4) that helps to protect the company against sharp claims increases. Superior liquidity (9.2) with ample operational cash flow and liquid investments.
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.
R - Concerns about the financial strength of its reinsurers.
Principal Lines of Business:
Personal/comm auto (73.7%), other (26.3%)
Licensed in:
VT
Principal Investments:
Investment grade bonds (40.3%), common stock (22.8%), cash (14.9%), preferred stock (6.0%), non investment grade bonds (1.3%), other (14.8%)
Corporate Info
Group Affiliation
None
Investment Rating
--
Company Address
1605 Main Street
Sarasota, FL 34236
Sarasota, FL 34236
Phone Number
(941) 373-1162
NAIC Number
11590
Largest Affiliates
No affiliate information available.