Major Rating Factors:
Fair reserve development (3.6 on a scale of 0 to 10) as reserves have generally been sufficient to cover claims. Fair profitability index (3.6) with operating losses during each of the last five years and the first six months of 2024. Average return on equity over the last five years has been poor at -3.7%. Fair overall results on stability tests (4.5) including excessive premium growth and negative cash flow from operations for 2023. Strengths include potentially strong support from affiliation with CopperPoint Mutual Ins Holding Co.
Other Rating Factors:
Strong long-term capitalization index (10.0) based on excellent current risk adjusted capital (severe and moderate loss scenarios). Moreover, capital levels have been consistent in recent years. Superior liquidity (9.6) with ample operational cash flow and liquid investments.
Stability Factors:
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:
AK, AZ, CO, ID, NM, NV, UT
Principal Investments:
Investment grade bonds (75.7%), cash (9.5%), other (14.7%)
Corporate Info
Group Affiliation
CopperPoint Mutual Ins Holding Co
Investment Rating
--
Company Address
3030 North Third Street
Phoenix, AZ 85012
Phoenix, AZ 85012
Phone Number
(602) 631-2240
NAIC Number
13928
Website
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