Major Rating Factors:
Poor long-term capitalization index (0.1 on a scale of 0 to 10) based on weak current risk adjusted capital (severe and moderate loss scenarios). A history of deficient reserves (0.4) 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 36.7% and 193.7%. Weak profitability index (1.5) with operating losses during each of the last five years. However, profits have turned positive in the first nine months of 2024. Average return on equity over the last five years has been poor at -49.3%.
Other Rating Factors:
Weak overall results on stability tests (1.2) including weak results on operational trends, excessive premium growth and weak risk diversification. The largest net exposure for one risk is acceptable at 2.5% of capital. Excellent liquidity (7.7) with ample operational cash flow and liquid investments.
Stability Factors:
C - Past results on our Risk-Adjusted Capital tests.
D - Limited diversification of general business, policy, and/or investment risk.
F - Negative cash flow.
G - Fast asset or premium growth.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Personal/comm auto (100.0%)
Licensed in:
NC
Principal Investments:
Investment grade bonds (56.0%), common stock (18.7%), cash (14.9%), other (10.3%)
Corporate Info
Group Affiliation
None
Investment Rating
--
Company Address
1325 Park St.
Columbia, SC 29201
Columbia, SC 29201
Phone Number
(803) 400-6862
NAIC Number
16384
Website
Largest Affiliates
No affiliate information available.