Major Rating Factors: Weak overall results on stability tests (1.8 on a scale of 0 to 10). The largest net exposure for one risk is excessive at 9.7% of capital. Fair profitability index (3.6). Weak expense controls. Return on equity has been fair, averaging 14.2% over the past five years.
Other Rating Factors: Strong long-term capitalization index (10.0) based on excellent current risk adjusted capital (severe and moderate loss scenarios), despite some fluctuation in capital levels. Superior liquidity (9.6) with ample operational cash flow and liquid investments.
Stability Factors: T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business: Other (100%)
Licensed in: No States
Principal Investments: Investment grade bonds (93.1%), cash (1.0%), non investment grade bonds (0.1%), other (5.7%)