Major Rating Factors:
Fair reserve development (3.1 on a scale of 0 to 10) as the level of reserves has at times been insufficient to cover claims. In 2024 and 2025 the two year reserve development was 25.4% and 25.9% deficient respectively. Fair profitability index (3.7) with operating losses during 2023 and 2024. Good liquidity (6.6) with sufficient resources (cash flows and marketable investments) to handle a spike in claims.
Other Rating Factors:
Good overall results on stability tests (6.7) despite. Stability strengths include good operational trends and excellent risk diversification. The largest net exposure for one risk is conservative at 1.1% of capital. Strong long-term capitalization index (7.1) based on excellent current risk adjusted capital (severe and moderate loss scenarios), despite some fluctuation in capital levels.
Stability Factors:
Principal Lines of Business:
Comm multi (19.1%), personal/comm auto (17.9%), work comp (2.8%), homeowners (1.7%), other (58.5%)
Licensed in:
(No states)
Principal Investments:
Investment grade bonds (72.5%), common stock (26.0%), preferred stock (0.7%), cash (0.6%), non investment grade bonds (0.2%)
Corporate Info
Group Affiliation
Merchants Mutual Ins Co
Investment Rating
--
Company Address
250 Main Street
Buffalo, NY 14202
Buffalo, NY 14202
Phone Number
(716) 849-3333
NAIC Number
12775
Website
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