Major Rating Factors:
Weak profitability index (2.2 on a scale of 0 to 10) with operating losses during 2021, 2022, 2023, 2024 and the first three months of 2025. Average return on equity over the last five years has been poor at -18.4%. Fair overall results on stability tests (3.2) including negative cash flow from operations for 2024. The largest net exposure for one risk is conservative at 2.0% of capital. Good long-term capitalization index (6.6) based on good current risk adjusted capital (severe loss scenarios), although results have slipped from the excellent range over the last two years.
Other Rating Factors:
History of adequate reserve strength (6.9) as reserves have been consistently at an acceptable level. Excellent liquidity (7.2) 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.
R - Concerns about the financial strength of its reinsurers.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Personal/comm auto (59.4%), homeowners (35.2%), fire (3.0%), other (2.4%)
Licensed in:
IN, MI, WI
Principal Investments:
Investment grade bonds (87.2%), common stock (0.4%), other (12.3%)
Corporate Info
Group Affiliation
None
Investment Rating
--
Company Address
One Wolverine Way
Dowagiac, MI 49047
Dowagiac, MI 49047
Phone Number
(269) 782-3451
NAIC Number
15407
Website
Largest Affiliates
No affiliate information available.