Phoebe Reciprocal RRG
Major Rating Factors:
Fair long-term capitalization index (3.8 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 over the last two years. A history of deficient reserves (2.9). Underreserving can have an adverse impact on capital and profits. Deficiencies in the two year reserve development occurred in three of the previous five years and ranged between 15.1% and 38.1%. Weak overall results on stability tests (0.0) 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 47.8% of capital.
Other Rating Factors:
Fair profitability index (3.1) with operating losses during 2022, 2023 and 2024. Good liquidity (6.5) 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.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Med mal (67.1%), other (32.9%)
Licensed in:
SC
Principal Investments:
Common stock (45.8%), investment grade bonds (34.8%), cash (2.7%), other (16.7%)
Corporate Info
Group Affiliation
None
Investment Rating
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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
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