New York Marine & Genl Ins Co
Major Rating Factors:
Fair reserve development (3.4 on a scale of 0 to 10) as the level of reserves has at times been insufficient to cover claims. In 2022 and 2023 the two year reserve development was 24.5% and 26.0% deficient respectively. Fair profitability index (4.2) with operating losses during 2021, 2022 and 2023. Average return on equity over the last five years has been poor at -1.9%. Strong long-term capitalization index (7.0) based on excellent current risk adjusted capital (severe and moderate loss scenarios) reflecting improvement over results in 2024.
Other Rating Factors:
Excellent liquidity (8.4) with ample operational cash flow and liquid investments. Excellent overall results on stability tests (7.4). Stability strengths include good operational trends, good risk adjusted capital for prior years and excellent risk diversification.
Stability Factors:
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Personal/comm auto (19.8%), fire (10.0%), comm multi (5.4%), work comp (3.3%), fin guar/surety (2.1%), other (59.3%)
Licensed in:
All states and PR, VI
Principal Investments:
Investment grade bonds (81.1%), common stock (9.3%), cash (3.4%), non investment grade bonds (2.2%), preferred stock (0.9%), other (3.1%)
Corporate Info
Group Affiliation
TowerBrook Capital Partners LP
Investment Rating
--
Company Address
412 Mount Kemble Avenue
Morristown, NJ 07960
Morristown, NJ 07960
Phone Number
(800) 774-2755
NAIC Number
16608
Website
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