Adirondack Ins Exchange
Major Rating Factors:
Poor long-term capitalization index (2.0 on a scale of 0 to 10) based on weak current risk adjusted capital (severe loss scenarios), although results have slipped from the good range during the last year. Weak profitability index (0.3) with operating losses during 2019, 2021, 2022, 2023 and the first six months of 2024. Average return on equity over the last five years has been poor at -50.2%. Weak overall results on stability tests (0.0) including weak risk adjusted capital in prior years, weak results on operational trends and negative cash flow from operations for 2023. The largest net exposure for one risk is excessive at 37.6% of capital.
Other Rating Factors:
Fair reserve development (4.4) as reserves have generally been sufficient to cover claims. Good liquidity (5.3) 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.
R - Concerns about the financial strength of its reinsurers.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Homeowners (61.4%), personal/comm auto (30.3%), fire (3.1%), other (5.3%)
Licensed in:
NY
Principal Investments:
Investment grade bonds (89.0%), common stock (9.2%), other (1.8%)
Corporate Info
Group Affiliation
The Allstate Corporation
Investment Rating
Company Address
450 W. Hanes Mill Road
Winston-Salem, NC 27105
Winston-Salem, NC 27105
Phone Number
(336) 435-2000
NAIC Number
12583
Website
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