Major Rating Factors:
Weak overall results on stability tests (1.6 on a scale of 0 to 10) including good risk adjusted capital in prior years. The largest net exposure for one risk is excessive at 16.9% of capital. Good long-term capitalization index (5.4) based on good current risk adjusted capital (severe loss scenarios) reflecting some improvement over results in 2022. History of adequate reserve strength (6.1) as reserves have been consistently at an acceptable level.
Other Rating Factors:
Excellent profitability index (8.9) with operating gains in each of the last five years. Return on equity has been excellent over the last five years averaging 16.7%. Excellent liquidity (8.0) with ample operational cash flow and liquid investments.
Stability Factors:
D - Limited diversification of general business, policy, and/or investment risk.
R - Concerns about the financial strength of its reinsurers.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Med mal (9.5%), comm multi (8.5%), personal/comm auto (1.8%), fire (0.9%), fin guar/surety (0.1%), other (79.2%)
Licensed in:
(No states)
Principal Investments:
Investment grade bonds (70.5%), common stock (11.1%), preferred stock (3.0%), cash (0.5%), other (14.9%)
Corporate Info
Group Affiliation
Fairfax Financial Holdings Limited
Investment Rating
--
Company Address
100 William Street
New York, NY 10038
New York, NY 10038
Phone Number
(212) 978-2800
NAIC Number
14484
Website
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