Major Rating Factors:
Poor long-term capitalization index (2.3 on a scale of 0 to 10) based on weak current risk adjusted capital (severe loss scenarios). A history of deficient reserves (1.6). Underreserving can have an adverse impact on capital and profits. In four of the last five years reserves (two year development) were between 19.3% and 70.7% deficient. Fair profitability index (3.1) with operating losses during 2022 and 2023.
Other Rating Factors:
Good overall results on stability tests (5.6) despite weak risk adjusted capital in prior years. Stability strengths include good operational trends and good risk diversification. Excellent liquidity (7.8) 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.
Principal Lines of Business:
Comm multi (51.4%), personal/comm auto (48.3%), other (0.3%)
Licensed in:
FL, GA
Principal Investments:
Cash (75.1%), investment grade bonds (0.9%), preferred stock (0.2%), other (23.8%)
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
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