Rating Date
April 2025
NAIC
Classification
Classification
Risk Adjusted
Capital Ratio #1
Capital Ratio #1
Risk Adjusted
Capital Ratio #2
Capital Ratio #2
Loss
Ratio
Ratio
Total
Assets
Assets
Capital
Net
Premiums
Premiums
Net
Income
Income
Major Rating Factors:
Weak profitability index (2.2 on a scale of 0 to 10) with operating losses during 2022 and 2023. Weak overall results on stability tests (0.7) including weak results on operational trends. The largest net exposure for one risk is excessive at 23.2% of capital. Fair reserve development (4.2) as reserves have generally been sufficient to cover claims. In 2023 the two year reserve development was 22.1% deficient.
Other Rating Factors:
Strong long-term capitalization index (10.0) based on excellent current risk adjusted capital (severe and moderate loss scenarios), despite some fluctuation in capital levels. Superior liquidity (10.0) with ample operational cash flow and liquid investments.
Stability Factors:
D - Limited diversification of general business, policy, and/or investment risk.
R - Concerns about the financial strength of its reinsurers.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Fin guar/surety (100.0%)
Licensed in:
All states except AK, FL, MS, OH, TN
Principal Investments:
Non investment grade bonds (46.4%), investment grade bonds (36.1%), common stock (3.3%), cash (3.3%), other (10.8%)
Corporate Info
Group Affiliation
None
Investment Rating
--
Company Address
485 Lexington Avenue
New York, NY 10017
New York, NY 10017
Phone Number
(212) 478-3400
NAIC Number
20311
Website
--
Largest Affiliates
No affiliate information available.