B
Merchants National Bonding Inc
Rating Date
October 2025
NAIC
Classification
Property & Casualty
Risk Adjusted
Capital Ratio #1
2.23
Risk Adjusted
Capital Ratio #2
1.77
Loss
Ratio
11.75%
Total
Assets
90.47M
Capital
41.89M
Net
Premiums
18.29M
Net
Income
4.26M
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Weiss Ratings Merchants National Bonding Inc
West Des Moines, IA 		Click to
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Rating B
Capitalization Index 8.10
Investment Safety Index --
Liquidity Index 7.60
Profitability Index 8.60
Reserve Adequacy Index 8.10
Stability Index 6.50
Company Info Merchants National Bonding Inc
West Des Moines, IA 		Click to
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Industry P&C
NAIC Number 11595
Phone Number (515) 243-8171
Website www.merchantsbonding.com
Address 6700 Westown Parkway West Des Moines, IA 50266
Balance Sheet Merchants National Bonding Inc
West Des Moines, IA 		Click to
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Total Assets 90.47M
Capital and Reserves Merchants National Bonding Inc
West Des Moines, IA 		Click to
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Risk-Adjusted Capital Ratio #1 2.23
Risk-Adjusted Capital Ratio #2 1.77
1-Year Reserve Development -210.00%
2-Year Reserve Development -160.00%
Capital 41.89M
Premium to Surplus 80.00%
Reserves to Surplus 10.00%
Investments Merchants National Bonding Inc
West Des Moines, IA 		Click to
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Cash --
CMO & Structured Securities --
Common & Preferred Stock --
Invested Assets --
Investments in Affiliates --
Mortgages in Good Standing --
Non-Investment Grade Bonds --
Non-Performing Mortgages --
Other Investment Grade Bonds --
Other Investments --
Real Estate --
Operating Ratios Merchants National Bonding Inc
West Des Moines, IA 		Click to
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Medical Loss Ratio --
Cash From Underwriting 110.00%
Combined Ratio 80.00%
Expense Ratio 60.00%
Loss Ratio 11.75%
Net Premium Growth 10.00%
Other Medical Merchants National Bonding Inc
West Des Moines, IA 		Click to
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Bonus Pay --
Capitation Pay --
Contractual Pay --
Enrollment --
Fee For Service --
Medical Expense Per Member Per Month --
Network Physicians --
Other Pay --
Salary Pay --
Total Patient Encounters - Physician --
Total Patient Encounters-Non-Physician --
Profitability Merchants National Bonding Inc
West Des Moines, IA 		Click to
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Net Income 4.26M
Net Premium 18.29M
Health Premium --