Major Rating Factors:
Fair reserve development (4.2 on a scale of 0 to 10) as reserves have generally been sufficient to cover claims. Fair profitability index (3.9) with operating losses during 2020, 2021, 2022 and 2023. Average return on equity over the last five years has been poor at -0.2%. Fair overall results on stability tests (3.7) including excessive premium growth and weak results on operational trends. The largest net exposure for one risk is high at 3.0% of capital.
Other Rating Factors:
Strong long-term capitalization index (7.3) based on excellent current risk adjusted capital (severe and moderate loss scenarios). Moreover, capital levels have been consistent in recent years. Excellent liquidity (7.5) with ample operational cash flow and liquid investments.
Stability Factors:
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:
Fin guar/surety (100.0%)
Licensed in:
All states
Principal Investments:
Common stock (89.2%), investment grade bonds (6.4%), cash (0.9%), other (3.4%)
Corporate Info
Group Affiliation
CAN
Investment Rating
--
Company Address
55 West 46th Street
New York, NY 10036
New York, NY 10036
Phone Number
(646) 356-8101
NAIC Number
30279
Website
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