D
OLYMPUS INS CO
Rating Date
December 2023
NAIC
Classification
Risk Adjusted
Capital Ratio #1
Risk Adjusted
Capital Ratio #2
Loss
Ratio
Total
Assets
Capital
Net
Premiums
Net
Income
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Major Rating Factors: Poor long-term capitalization index (1.4 on a scale of 0 to 10) based on weak current risk adjusted capital (severe and moderate loss scenarios). Weak overall results on stability tests (1.4) including weak risk adjusted capital in prior years, weak results on operational trends and negative cash flow from operations for 2022. The largest net exposure for one risk is conservative at 1.0% of capital.
Other Rating Factors: Fair reserve development (3.5) as the level of reserves has at times been insufficient to cover claims. In 2020 and 2021 the two year reserve development was 20% and 22% deficient respectively. Fair profitability index (3.9) with operating losses during 2020. Return on equity has been low, averaging 0.8% over the past five years. Good liquidity (6.6) 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. 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 (86.3%), fire (3.0%), other (10.6%)
Licensed in: FL
Principal Investments: Cash (49.8%), investment grade bonds (45.6%), common stock (3.9%), non investment grade bonds (0.5%), other (0.2%)
Ratios
Premium to Surplus
Reserve to Surplus
1-Year Reserve Development
2-Year Reserve Development
Expense Ratio
Combined Ratio
Cash From Underwriting
Net Premium Growth
Investments in Affiliates
Corporate Info
Group Affiliation
None
Investment Rating
--
Company Address
4200 Northcorp Parkway Suite 4
Palm Beach Gardens, FL 33410
Phone Number
(561) 231-5902
NAIC Number
12954
Largest Affiliates
No affiliate information available.
Weiss Ratings