Major Rating Factors:
Fair reserve development (4.1 on a scale of 0 to 10) as reserves have generally been sufficient to cover claims. Fair profitability index (4.1) with operating losses during 2020 and 2022. Fair overall results on stability tests (2.9) including excessive premium growth, weak results on operational trends and lack of operational experience. The largest net exposure for one risk is excessive at 6.3% of capital.
Other Rating Factors:
Good liquidity (6.7) with sufficient resources (cash flows and marketable investments) to handle a spike in claims. 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.
Stability Factors:
A - Financial problems or weaknesses of a parent or affiliate company.
E - Lack of operating experience.
G - Fast asset or premium growth.
R - Concerns about the financial strength of its reinsurers.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Fire (3.6%), personal/comm auto (0.7%), other (95.7%)
Licensed in:
(No states)
Principal Investments:
Investment grade bonds (91.5%), cash (6.5%), non investment grade bonds (0.2%), other (1.8%)
Corporate Info
Group Affiliation
Palomar Holdings Inc
Investment Rating
Company Address
3601 West 76th Street
Edina, MN 55435
Edina, MN 55435
Phone Number
(952) 209-1786
NAIC Number
16754
Website
Largest Affiliates