Major Rating Factors:
Fair reserve development (3.5 on a scale of 0 to 10) as the level of reserves has at times been insufficient to cover claims. In 2022 and 2024 the two year reserve development was 15.1% and 20.0% deficient respectively. Fair profitability index (3.9) with operating losses during 2020, 2021, 2022 and 2023. Average return on equity over the last five years has been poor at -13.3%. Fair overall results on stability tests (3.6) including weak risk adjusted capital in prior years, weak results on operational trends and negative cash flow from operations for 2024.
Other Rating Factors:
Good long-term capitalization index (5.5) based on excellent current risk adjusted capital (severe loss scenarios) reflecting significant improvement over results in 2023. Excellent liquidity (8.0) with ample operational cash flow and liquid investments.
Stability Factors:
A - Financial problems or weaknesses of a parent or affiliate company.
C - Past results on our Risk-Adjusted Capital tests.
F - Negative cash flow.
R - Concerns about the financial strength of its reinsurers.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Work comp (97.2%), personal/comm auto (2.8%)
Licensed in:
AL, AR, AZ, CA, DC, FL, HI, IA, IL, KS, KY, LA, MA, MS, NC, ND, NE, NM, NY, OH, OK, RI, TN, TX, UT, WI, WV
Principal Investments:
Investment grade bonds (78.0%), cash (2.1%), other (19.9%)
Corporate Info
Group Affiliation
Pie Group Holdings Inc
Investment Rating
--
Company Address
1755 Blake Street
Denver, CO 80202
Denver, CO 80202
Phone Number
(855) 705-2716
NAIC Number
10997
Website
Largest Affiliates