Major Rating Factors:
Fair reserve development (4.5 on a scale of 0 to 10) as reserves have generally been sufficient to cover claims. Fair profitability index (4.3) with operating losses during 2021 and 2022. Weak overall results on stability tests (2.9) including weak risk diversification and fair risk adjusted capital in prior years. The largest net exposure for one risk is conservative at 1.4% of capital.
Other Rating Factors:
Good long-term capitalization index (5.9) based on excellent current risk adjusted capital (severe loss scenarios) reflecting significant improvement over results in 2022. 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 (72.0%), farmowners (13.9%), fire (4.0%), other (10.1%)
Licensed in:
NC
Principal Investments:
Common stock (43.3%), cash (32.3%), investment grade bonds (12.1%), preferred stock (3.2%), real estate (2.0%), non investment grade bonds (1.1%), other (6.0%)
Corporate Info
Group Affiliation
None
Investment Rating
--
Company Address
114 Southwest Railroad Street
Enfield, NC 27823
Enfield, NC 27823
Phone Number
(252) 445-5101
NAIC Number
44377
Website
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