Major Rating Factors:
Weak overall results on stability tests (2.4 on a scale of 0 to 10) including weak results on operational trends. Fair profitability index (4.3) with operating losses during 2019, 2020 and 2021. Return on equity has been fair, averaging 14.2% over the past five years.
Other Rating Factors:
History of adequate reserve strength (6.0) as reserves have been consistently at an acceptable level. 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 (9.8) with ample operational cash flow and liquid investments.
Stability Factors:
R - Concerns about the financial strength of its reinsurers.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Med mal (98.6%), other (1.4%)
Licensed in:
CT, DE, ME, MA, NJ, NY, PA, RI, VT
Principal Investments:
Investment grade bonds (173.2%), common stock (14.1%), cash (5.9%), non investment grade bonds (0.2%)