Major Rating Factors:
Poor long-term capitalization index (1.1 on a scale of 0 to 10) based on weak current risk adjusted capital (severe and moderate loss scenarios), although results have slipped from the excellent range over the last two years. A history of deficient reserves (1.2) 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 19.3% and 70.7%. Weak profitability index (2.3) with operating losses during 2022 and 2023. Average return on equity over the last five years has been poor at -18.1%.
Other Rating Factors:
Good overall results on stability tests (5.0) including weak risk adjusted capital in prior years. Excellent liquidity (7.7) with ample operational cash flow and liquid investments.
Stability Factors:
C - Past results on our Risk-Adjusted Capital tests.
G - Fast asset or premium growth.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Personal/comm auto (59.3%), comm multi (39.9%), other (0.8%)
Licensed in:
FL, GA
Principal Investments:
Cash (60.2%), investment grade bonds (1.7%), preferred stock (0.2%), other (37.8%)
Corporate Info
Group Affiliation
Granada Financial Group
Investment Rating
--
Company Address
4075 Southwest 83rd Avenue
Miami, FL 33155
Miami, FL 33155
Phone Number
(305) 554-0353
NAIC Number
16870
Website
Largest Affiliates