Major Rating Factors:
Fair long-term capitalization index (3.0 on a scale of 0 to 10) based on fair current risk adjusted capital (severe and moderate loss scenarios) reflecting improvement over results in 2022. Fair reserve development (4.3) as the level of reserves has at times been insufficient to cover claims. The one year reserve development was deficient in three of the last five years by between 16.7% and 33.3%. Fair profitability index (3.5) with operating losses during 2021 and 2022. Return on equity has been fair, averaging 5.0% over the past five years.
Other Rating Factors:
Weak overall results on stability tests (2.8) including weak risk adjusted capital in prior years and weak risk diversification. The largest net exposure for one risk is high at 3.8% of capital. 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.
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:
Other (100%)
Licensed in:
VT
Principal Investments:
Investment grade bonds (73.1%), common stock (15.2%), cash (6.0%), preferred stock (1.3%), non investment grade bonds (0.2%), other (4.2%)
Corporate Info
Group Affiliation
None
Investment Rating
--
Company Address
1605 Main Street
Sarasota, FL 34236
Sarasota, FL 34236
Phone Number
(941) 955-0793
NAIC Number
11973
Website
Largest Affiliates
No affiliate information available.