Major Rating Factors:
Fair reserve development (4.0 on a scale of 0 to 10) as the level of reserves has at times been insufficient to cover claims. In 2020 and 2021 the two year reserve development was 46.4% and 60.4% deficient respectively. Fair profitability index (2.9) with operating losses during 2020, 2021, 2023 and the first three months of 2025. Average return on equity over the last five years has been poor at -24.0%. Fair overall results on stability tests (4.0) including excessive premium growth, weak risk adjusted capital in prior years and negative cash flow from operations for 2024. The largest net exposure for one risk is excessive at 6.9% of capital.
Other Rating Factors:
Fair long-term capitalization index (4.5) based on fair current risk adjusted capital (severe loss scenarios) reflecting improvement over results in 2021. Superior liquidity (10.0) with ample operational cash flow and liquid investments.
Stability Factors:
C - Past results on our Risk-Adjusted Capital tests.
D - Limited diversification of general business, policy, and/or investment risk.
F - Negative cash flow.
R - Concerns about the financial strength of its reinsurers.
Principal Lines of Business:
Reinsurance (100.0%)
Licensed in:
All states except AK, AR, DC, DE, HI, ID, KY, LA, MO, MS, NH, NM, OK, TN, UT, VA, WA, WV
Principal Investments:
Investment grade bonds (86.8%), non investment grade bonds (0.4%), other (12.9%)
Corporate Info
Group Affiliation
Church Pension Fund
Investment Rating
--
Company Address
19 East 34th Street
New York, NY 10016
New York, NY 10016
Phone Number
(212) 592-1800
NAIC Number
10669
Website
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