Major Rating Factors:
A history of deficient reserves (2.3 on a scale of 0 to 10). Underreserving can have an adverse impact on capital and profits. In the last five years, reserves (two year development) fluctuated between 17.5% and 66.6% deficient. Weak profitability index (2.1) with operating losses during 2023 and 2024. Weak overall results on stability tests (0.0) including weak results on operational trends. The largest net exposure for one risk is excessive at 215.1% of capital.
Other Rating Factors:
Good liquidity (5.6) with sufficient resources (cash flows and marketable investments) to handle a spike in claims. Strong long-term capitalization index (7.2) based on excellent current risk adjusted capital (severe and moderate loss scenarios) reflecting improvement over results in 2024.
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 and GU, PR, VI
Principal Investments:
Investment grade bonds (64.2%), non investment grade bonds (29.3%), cash (2.0%), common stock (0.7%), other (3.8%)
Corporate Info
Group Affiliation
MBIA Inc
Investment Rating
Company Address
One Manhattanville Road
Purchase, NY 10577
Purchase, NY 10577
Phone Number
(914) 765-3333
NAIC Number
23825
Largest Affiliates