Major Rating Factors:
Poor long-term capitalization index (1.8 on a scale of 0 to 10) based on weak current risk adjusted capital (severe and moderate loss scenarios), although results have slipped from the fair range over the last two years. A history of deficient reserves (2.1) that places pressure on both capital and profits. In 2021 and 2022 the two year reserve development was 25% and 43% deficient respectively.
Other Rating Factors:
Weak profitability index (2.6) with operating losses during 2018 and 2021. Vulnerable liquidity (2.4) as a spike in claims may stretch capacity. Weak overall results on stability tests (0.3) including weak risk adjusted capital in prior years and weak results on operational trends. The largest net exposure for one risk is excessive at 27.1% of capital.
Stability Factors:
C - Past results on our Risk-Adjusted Capital tests.
D - Limited diversification of general business, policy, and/or investment risk.
L - Past results on our liquidity tests.
R - Concerns about the financial strength of its reinsurers.
Principal Lines of Business:
Other (100%)
Licensed in:
NY
Principal Investments:
Investment grade bonds (53.6%), common stock (22.1%), preferred stock (8.2%), cash (7.4%), other (8.7%)
Corporate Info
Group Affiliation
None
Investment Rating
--
Company Address
1 Battery Park Plaza 31st Flo
New York, NY 10004
New York, NY 10004
Phone Number
(212) 847-4519
NAIC Number
13366
Website
Largest Affiliates
No affiliate information available.
