Covered Bridge Reciprocal RRG
Major Rating Factors:
Poor long-term capitalization index (0.1 on a scale of 0 to 10) based on weak current risk adjusted capital (severe and moderate loss scenarios). Weak overall results on stability tests (1.3) including weak risk adjusted capital in prior years, weak risk diversification and lack of operational experience. The largest net exposure for one risk is excessive at 18.4% of capital. Fair reserve development (4.4) as reserves have generally been sufficient to cover claims. In 2022 the one year reserve development was 129.9% deficient.
Other Rating Factors:
Excellent profitability index (9.1) with small operating losses during 2022. Superior liquidity (9.1) 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.
E - Lack of operating experience.
G - Fast asset or premium growth.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Med mal (95.0%), other (5.0%)
Licensed in:
SC
Principal Investments:
Investment grade bonds (80.3%), cash (19.3%), other (0.4%)
Corporate Info
Group Affiliation
None
Investment Rating
--
Company Address
146 Fairchild Street
Charleston, SC 29492
Charleston, SC 29492
Phone Number
(843) 614-3135
NAIC Number
17059
Website
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Largest Affiliates
No affiliate information available.