Major Rating Factors:
Poor long-term capitalization index (2.8 on a scale of 0 to 10) based on weak current risk adjusted capital (severe loss scenarios), although results have slipped from the good range over the last two years. Fair reserve development (3.5) as the level of reserves has at times been insufficient to cover claims. In 2022 and 2024 the two year reserve development was 16.0% and 17.0% deficient respectively. Fair profitability index (2.9) with operating losses during 2020, 2021, 2022 and 2023. Average return on equity over the last five years has been poor at -14.4%.
Other Rating Factors:
Fair overall results on stability tests (3.0) including weak risk adjusted capital in prior years and weak results on operational trends. 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.
G - Fast asset or premium growth.
R - Concerns about the financial strength of its reinsurers.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Personal/comm auto (80.2%), work comp (13.3%), homeowners (1.4%), other (5.1%)
Licensed in:
All states except AK, CA, CT, DE, HI, IL, MA, ME, MI, NH, NJ, NY, PA, RI, VT, WI, WV
Principal Investments:
Investment grade bonds (85.0%), cash (14.7%), other (0.3%)
Corporate Info
Group Affiliation
None
Investment Rating
--
Company Address
7301 Carmel Executive Park
Charlotte, NC 28266
Charlotte, NC 28266
Phone Number
(980) 771-2490
NAIC Number
20400
Website
Largest Affiliates
No affiliate information available.