Major Rating Factors:
Poor long-term capitalization index (0.7 on a scale of 0 to 10) based on weak current risk adjusted capital (severe and moderate loss scenarios), although results have slipped from the good range over the last two years. A history of deficient reserves (2.3) that places pressure on both capital and profits. Deficiencies in the two year reserve development occurred in three of the previous five years and ranged between 21.0% and 31.5%. Weak profitability index (0.9) with operating losses during 2022, 2023 and 2024.
Other Rating Factors:
Fair overall results on stability tests (3.4) including weak results on operational trends, weak risk adjusted capital in prior years and negative cash flow from operations for 2024. Good liquidity (5.9) with sufficient resources (cash flows and marketable investments) to handle a spike in claims.
Stability Factors:
C - Past results on our Risk-Adjusted Capital tests.
F - Negative cash flow.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Fire (14.0%), personal/comm auto (9.7%), other (76.3%)
Licensed in:
NY
Principal Investments:
Investment grade bonds (76.7%), common stock (20.1%), cash (0.7%), other (2.5%)
Corporate Info
Group Affiliation
None
Investment Rating
--
Company Address
333 Earle Ovington Boulevard
Uniondale, NY 11553
Uniondale, NY 11553
Phone Number
(516) 393-2320
NAIC Number
34843
Website
Largest Affiliates
No affiliate information available.