Major Rating Factors:
Weak profitability index (2.2 on a scale of 0 to 10) with operating losses during 2018 and 2021. Weak overall results on stability tests (0.9) including weak results on operational trends and negative cash flow from operations for 2021. The largest net exposure for one risk is excessive at 21.4% of capital.
Other Rating Factors:
Fair long-term capitalization index (3.4) based on fair current risk adjusted capital (severe and moderate loss scenarios), although results have slipped from the excellent range over the last two years. Fair reserve development (3.4) as reserves have generally been sufficient to cover claims. In 2021, the one year reserve development was 33% deficient. Fair liquidity (3.9) as cash resources may not be adequate to cover a spike in claims.
Stability Factors:
D - Limited diversification of general business, policy, and/or investment risk.
F - Negative cash flow.
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 (54.7%), common stock (29.3%), preferred stock (5.6%), cash (3.4%), other (7.1%)
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) 847-4500
NAIC Number
13366
Website
Largest Affiliates
No affiliate information available.
