Major Rating Factors:
Poor long-term capitalization index (2.7 on a scale of 0 to 10) based on weak current risk adjusted capital (severe loss scenarios), although results have slipped from the fair range over the last two years. Weak profitability index (1.6) with operating losses during 2021, 2023, 2024 and the first three months of 2025. Average return on equity over the last five years has been poor at -20.2%. Fair reserve development (3.6) as the level of reserves has at times been insufficient to cover claims. In 2023 and 2024 the two year reserve development was 16.7% and 31.6% deficient respectively.
Other Rating Factors:
Fair overall results on stability tests (4.1) including weak risk adjusted capital in prior years and negative cash flow from operations for 2024. Good liquidity (7.0) 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.
D - Limited diversification of general business, policy, and/or investment risk.
F - Negative cash flow.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Work comp (100.0%)
Licensed in:
FL, GA, IL, IN, MI, WI
Principal Investments:
Investment grade bonds (85.5%), cash (2.0%), common stock (0.5%), other (11.9%)
Corporate Info
Group Affiliation
iQUE Ins Co
Investment Rating
--
Company Address
5969 CattleRidge Blvd
Sarasota, FL 34232
Sarasota, FL 34232
Phone Number
(800) 633-4783
NAIC Number
10998
Website
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