D
Badger Mutual Ins Co
Rating Date
April 2025
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: Weak profitability index (1.6 on a scale of 0 to 10) with operating losses during 2022 and 2023. Vulnerable liquidity (1.9) as a spike in claims may stretch capacity. Fair reserve development (4.4) as reserves have generally been sufficient to cover claims. In 2024 the one year reserve development was 15.8% deficient.
Other Rating Factors: Good long-term capitalization index (5.6) based on good current risk adjusted capital (severe loss scenarios) reflecting some improvement over results in 2023. Good overall results on stability tests (5.3) despite fair risk adjusted capital in prior years. Stability strengths include good operational trends and good risk diversification.
Stability Factors: C - Past results on our Risk-Adjusted Capital tests. L - Past results on our liquidity tests.
Principal Lines of Business: Homeowners (35.9%), comm multi (32.0%), personal/comm auto (28.2%), work comp (1.9%), fire (0.9%), other (1.2%)
Licensed in: AZ, IA, ID, IL, MI, MN, NV, UT, WI, WY
Principal Investments: Investment grade bonds (84.0%), non investment grade bonds (2.9%), common stock (2.2%), cash (0.4%), preferred stock (0.2%), other (10.4%)
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
1134 North Ninth Street
Milwaukee, WI 53223
Phone Number
(414) 383-1234
NAIC Number
13420
Largest Affiliates
No affiliate information available.