Major Rating Factors:
Fair profitability index (3.1 on a scale of 0 to 10) with operating losses during 2022. Return on equity has been low, averaging 3.3% over the past five years. Fair overall results on stability tests (3.9) including weak results on operational trends. The largest net exposure for one risk is acceptable at 2.3% of capital.
Other Rating Factors:
Strong long-term capitalization index (7.4) based on excellent current risk adjusted capital (severe and moderate loss scenarios), despite some fluctuation in capital levels. Ample reserve history (8.9) that helps to protect the company against sharp claims increases. Excellent liquidity (8.3) with ample operational cash flow and liquid investments.
Stability Factors:
R - Concerns about the financial strength of its reinsurers.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Reinsurance (100.0%)
Licensed in:
All states except NE
Principal Investments:
Investment grade bonds (82.8%), common stock (9.0%), cash (2.4%), non investment grade bonds (0.3%), other (5.5%)
Corporate Info
Group Affiliation
Alleghany Corp Group
Investment Rating
--
Company Address
ONE LIBERTY PLAZA 165 BROADWAY
NEW YORK, NY 10006
NEW YORK, NY 10006
Phone Number
(212) 365-2083
NAIC Number
19453
Website
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