A
Merchants Bonding Co (Mutual)
Rating Date
June 2025
NAIC
Classification
Property & Casualty
Risk Adjusted
Capital Ratio #1
3.10
Risk Adjusted
Capital Ratio #2
2.40
Loss
Ratio
11.75%
Total
Assets
529.02M
Capital
328.35M
Net
Premiums
225.94M
Net
Income
16.98M
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Weiss Ratings Merchants Bonding Co (Mutual)
West Des Moines, IA 		Click to
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Rating A
Capitalization Index 9.10
Investment Safety Index --
Liquidity Index 7.40
Profitability Index 8.60
Reserve Adequacy Index 8.10
Stability Index 3.50
Company Info Merchants Bonding Co (Mutual)
West Des Moines, IA 		Click to
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Industry P&C
NAIC Number 14494
Phone Number (515) 243-8171
Website www.merchantsbonding.com
Address 6700 Westown Parkway West Des Moines, IA 50266
Balance Sheet Merchants Bonding Co (Mutual)
West Des Moines, IA 		Click to
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Total Assets 529.02M
Capital and Reserves Merchants Bonding Co (Mutual)
West Des Moines, IA 		Click to
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Risk-Adjusted Capital Ratio #1 3.10
Risk-Adjusted Capital Ratio #2 2.40
1-Year Reserve Development -190.00%
2-Year Reserve Development -150.00%
Capital 328.35M
Premium to Surplus 70.00%
Reserves to Surplus 10.00%
Investments Merchants Bonding Co (Mutual)
West Des Moines, IA 		Click to
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Cash --
CMO & Structured Securities --
Common & Preferred Stock --
Invested Assets --
Investments in Affiliates 4.94%
Mortgages in Good Standing --
Non-Investment Grade Bonds --
Non-Performing Mortgages --
Other Investment Grade Bonds --
Other Investments --
Real Estate --
Operating Ratios Merchants Bonding Co (Mutual)
West Des Moines, IA 		Click to
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Medical Loss Ratio --
Cash From Underwriting 130.00%
Combined Ratio 80.00%
Expense Ratio 60.00%
Loss Ratio 11.75%
Net Premium Growth 10.00%
Other Medical Merchants Bonding Co (Mutual)
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 Bonding Co (Mutual)
West Des Moines, IA 		Click to
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Net Income 16.98M
Net Premium 225.94M
Health Premium --