Major Rating Factors:
Good overall results on stability tests (5.0 on a scale of 0 to 10) despite weak results on operational trends and lack of operational experience. 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.
Other Rating Factors:
Excellent liquidity (7.0) with ample operational cash flow and liquid investments. Fair profitability index (3.9) with operating losses during 2020 and 2022.
Stability Factors:
E - Lack of operating experience.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Fire (5.2%), personal/comm auto (0.2%), other (94.6%)
Licensed in:
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Principal Investments:
Investment grade bonds (98.0%), cash (0.8%), non investment grade bonds (0.6%), other (0.5%)