Major Rating Factors:
Fair reserve development (3.0 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 26.4% and 26.8% deficient respectively. Fair profitability index (4.0) with operating losses during 2024. Good liquidity (6.8) with sufficient resources (cash flows and marketable investments) to handle a spike in claims.
Other Rating Factors:
Good overall results on stability tests (6.4) despite. Stability strengths include good operational trends and excellent risk diversification. The largest net exposure for one risk is acceptable at 2.2% of capital. Strong long-term capitalization index (7.8) based on excellent current risk adjusted capital (severe and moderate loss scenarios), despite some fluctuation in capital levels.
Stability Factors:
D - Limited diversification of general business, policy, and/or investment risk.
Principal Lines of Business:
Comm multi (60.2%), personal/comm auto (26.0%), homeowners (8.5%), work comp (3.9%), other (1.3%)
Licensed in:
DE, IN, MA, MD, ME, MI, NH, NJ, NY, OH, PA, RI, VT
Principal Investments:
Investment grade bonds (86.2%), common stock (10.3%), cash (2.0%), preferred stock (1.1%), non investment grade bonds (0.4%)
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
12901
Website
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