Major Rating Factors:
Weak profitability index (2.7 on a scale of 0 to 10) with operating losses during each of the last five years and the first six months of 2024. Average return on equity over the last five years has been poor at -16.5%. Weak overall results on stability tests (0.0) including negative cash flow from operations for 2023. The largest net exposure for one risk is excessive at 296.1% of capital. Fair reserve development (3.6) as reserves have generally been sufficient to cover claims.
Other Rating Factors:
Strong long-term capitalization index (10.0) based on excellent current risk adjusted capital (severe and moderate loss scenarios), despite some fluctuation in capital levels. Superior liquidity (10.0) with ample operational cash flow and liquid investments.
Stability Factors:
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:
All states
Principal Investments:
Investment grade bonds (96.1%), cash (0.7%), other (3.2%)
Corporate Info
Group Affiliation
None
Investment Rating
--
Company Address
200 Liberty Street
New York, NY 10281
New York, NY 10281
Phone Number
(212) 235-2500
NAIC Number
14380
Website
Largest Affiliates
No affiliate information available.
