Major Rating Factors:
Poor long-term capitalization index (2.5 on a scale of 0 to 10) based on weak current risk adjusted capital (severe loss scenarios). A history of deficient reserves (1.7) that places pressure on both capital and profits. In the last five years, reserves (two year development) fluctuated between 19.3% and 70.7% deficient. Weak profitability index (2.9) with operating losses during 2022 and 2023.
Other Rating Factors:
Good overall results on stability tests (5.8) despite weak risk adjusted capital in prior years. The largest net exposure for one risk is high at 3.8% of capital. Stability strengths include good operational trends and excellent risk diversification. Excellent liquidity (7.1) with ample operational cash flow and liquid investments.
Stability Factors:
C - Past results on our Risk-Adjusted Capital tests.
D - Limited diversification of general business, policy, and/or investment risk.
Principal Lines of Business:
Comm multi (56.2%), personal/comm auto (43.5%), other (0.2%)
Licensed in:
FL, GA
Principal Investments:
Cash (38.5%), investment grade bonds (0.8%), preferred stock (0.2%), other (60.5%)
Corporate Info
Group Affiliation
Granada Financial Group
Investment Rating
--
Company Address
4075 Southwest 83rd Avenue
Miami, FL 33155
Miami, FL 33155
Phone Number
(305) 554-0353
NAIC Number
16870
Website
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