Major Rating Factors:
A history of deficient reserves (1.9 on a scale of 0 to 10). Underreserving can have an adverse impact on capital and profits. In 2021 and 2022 the two year reserve development was 17.4% and 25.9% deficient respectively. Fair profitability index (4.4) with operating losses during 2021 and 2022. Average return on equity over the last five years has been poor at -0.3%. Fair overall results on stability tests (4.6) including excessive premium growth and weak risk adjusted capital in prior years.
Other Rating Factors:
Strong long-term capitalization index (10.0) based on excellent current risk adjusted capital (severe and moderate loss scenarios) reflecting significant improvement over results in 2020. Excellent liquidity (7.0) with ample operational cash flow and liquid investments.
Stability Factors:
D - Limited diversification of general business, policy, and/or investment risk.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Other (100%)
Licensed in:
All states except NH
Principal Investments:
Investment grade bonds (96.1%), cash (1.2%), other (2.8%)
Corporate Info
Group Affiliation
Swiss Re AG
Investment Rating
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Company Address
175 King St.
Armonk, NY 10504
Armonk, NY 10504
Phone Number
(914) 828-8000
NAIC Number
17965
Website
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