Palmetto Surety Corp
Major Rating Factors:
Fair long-term capitalization index (3.6 on a scale of 0 to 10) based on fair current risk adjusted capital (severe and moderate loss scenarios) reflecting improvement over results in 2019. Fair profitability index (4.3) with operating losses during 2022. Fair overall results on stability tests (3.0) including weak risk adjusted capital in prior years and negative cash flow from operations for 2024. The largest net exposure for one risk is excessive at 8.8% of capital.
Other Rating Factors:
Ample reserve history (9.7) that helps to protect the company against sharp claims increases. Excellent liquidity (7.1) with ample operational cash flow and liquid investments.
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:
Fin guar/surety (100.0%)
Licensed in:
CT, FL, GA, LA, MS, NC, SC, TN, TX
Principal Investments:
Cash (97.7%), investment grade bonds (2.3%)
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
75 Port City Landing
Mount Pleasant, SC 29464
Mount Pleasant, SC 29464
Phone Number
(843) 971-5441
NAIC Number
13121
Website
Largest Affiliates
No affiliate information available.