First Mutual Ins Co
Major Rating Factors:
Fair profitability index (4.2 on a scale of 0 to 10) with operating losses during 2022 and 2023. Weak overall results on stability tests (2.6) including weak risk diversification. The largest net exposure for one risk is conservative at 1.1% of capital. Strong long-term capitalization index (7.9) based on excellent current risk adjusted capital (severe and moderate loss scenarios), despite some fluctuation in capital levels.
Other Rating Factors:
Ample reserve history (9.2) that helps to protect the company against sharp claims increases. Good liquidity (6.9) with sufficient resources (cash flows and marketable investments) to handle a spike in claims.
Stability Factors:
D - Limited diversification of general business, policy, and/or investment risk.
R - Concerns about the financial strength of its reinsurers.
Principal Lines of Business:
Homeowners (49.5%), farmowners (3.5%), other (47.0%)
Licensed in:
NC, SC, TN
Principal Investments:
Common stock (53.5%), investment grade bonds (18.3%), cash (12.4%), preferred stock (11.8%), other (4.1%)
Corporate Info
Group Affiliation
None
Investment Rating
--
Company Address
614 East Market Street
Smithfield, NC 27577
Smithfield, NC 27577
Phone Number
(919) 934-6111
NAIC Number
43877
Website
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