Palladium RRG Inc
Major Rating Factors:
A history of deficient reserves (2.5 on a scale of 0 to 10) that places pressure on both capital and profits. Deficiencies in the two year reserve development occurred in three of the previous five years and ranged between 24.0% and 39.0%. Weak profitability index (2.8) with operating losses during 2020, 2021, 2022 and 2023. Average return on equity over the last five years has been poor at -6.2%. Weak overall results on stability tests (0.0) including weak risk adjusted capital in prior years. The largest net exposure for one risk is excessive at 47.3% of capital.
Other Rating Factors:
Poor long-term capitalization index (2.5) based on weak current risk adjusted capital (severe loss scenarios), although results have slipped from the fair range over the last two years. Good liquidity (6.2) 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.
R - Concerns about the financial strength of its reinsurers.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Med mal (97.8%), other (2.2%)
Licensed in:
VT
Principal Investments:
Investment grade bonds (75.3%), common stock (14.7%), cash (11.6%)
Corporate Info
Group Affiliation
Highmark Health
Investment Rating
--
Company Address
100 Bank Street
Burlington, VT 05401
Burlington, VT 05401
Phone Number
(802) 862-4400
NAIC Number
15279
Website
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