Phoebe Reciprocal RRG
Major Rating Factors:
Fair long-term capitalization index (3.0 on a scale of 0 to 10) based on weak current risk adjusted capital (moderate loss scenarios), although results have slipped from the fair range during the last year. A history of deficient reserves (2.9) that places pressure on both capital and profits. In 2023 and 2024 the two year reserve development was 18.2% and 38.1% deficient respectively. Weak profitability index (2.2) with operating losses during 2022, 2023 and 2024. Average return on equity over the last five years has been poor at -7.5%.
Other Rating Factors:
Weak overall results on stability tests (0.0) including weak risk diversification, weak results on operational trends and negative cash flow from operations for 2024. The largest net exposure for one risk is excessive at 58.4% of capital. Excellent liquidity (7.1) 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.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Med mal (61.7%), other (38.3%)
Licensed in:
SC
Principal Investments:
Common stock (49.3%), investment grade bonds (35.9%), cash (0.2%), other (14.5%)
Corporate Info
Group Affiliation
None
Investment Rating
--
Company Address
677 King Street
Charleston, SC 29403
Charleston, SC 29403
Phone Number
(843) 305-5383
NAIC Number
12004
Website
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Largest Affiliates
No affiliate information available.