Major Rating Factors:
Fair reserve development (3.2 on a scale of 0 to 10) as the level of reserves has at times been insufficient to cover claims. In 2024 and 2025 the two year reserve development was 22.8% and 25.5% deficient respectively. Fair profitability index (3.8) with operating losses during 2024. Good liquidity (6.8) with sufficient resources (cash flows and marketable investments) to handle a spike in claims.
Other Rating Factors:
Good overall results on stability tests (6.8) despite. Stability strengths include good operational trends and excellent risk diversification. Strong long-term capitalization index (7.6) based on excellent current risk adjusted capital (severe and moderate loss scenarios), despite some fluctuation in capital levels.
Stability Factors:
Principal Lines of Business:
Comm multi (36.6%), personal/comm auto (33.4%), work comp (5.3%), homeowners (3.1%), other (21.6%)
Licensed in:
DE, IN, MA, MD, ME, MI, NH, NJ, NY, OH, PA, RI, VT
Principal Investments:
Investment grade bonds (75.6%), common stock (17.7%), cash (4.6%), preferred stock (1.5%), non investment grade bonds (0.6%)
Corporate Info
Group Affiliation
Merchants Mutual Ins Co
Investment Rating
--
Company Address
250 Main Street
Buffalo, NY 14202
Buffalo, NY 14202
Phone Number
(716) 849-3333
NAIC Number
23329
Website
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