E
PALLADIUM RRG INC
Rating Date
December 2023
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: Poor long-term capitalization index (1.9 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 (2.8) that places pressure on both capital and profits. In 2021 and 2020 the two year reserve development was 35% and 39% deficient respectively.
Other Rating Factors: Weak profitability index (2.0) with operating losses during 2018, 2020, 2021 and 2022. Weak overall results on stability tests (0.0) including weak risk adjusted capital in prior years, weak results on operational trends and negative cash flow from operations for 2022. The largest net exposure for one risk is excessive at 97.0% of capital. Good liquidity (6.5) with sufficient resources (cash flows and marketable investments) to handle a spike in claims.
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: Med mal (97.7%), other (2.3%)
Licensed in: --
Principal Investments: Investment grade bonds (91.0%), common stock (15.2%), cash (0.8%)
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
Highmark Health
Investment Rating
--
Company Address
76 St Paul Street Suite 500
BURLINGTON, VT 5401
Phone Number
(802) 652-1568
NAIC Number
15279
Website
--
Largest Affiliates
B
Pittsburgh, PA - L&A
B
PITTSBURGH, PA - P&C
B
New York, NY - L&A
Weiss Ratings