Ovation Home Ins Exchange
Major Rating Factors:
Fair reserve development (3.6 on a scale of 0 to 10) as reserves have generally been sufficient to cover claims. Weak overall results on stability tests (2.8) including excessive premium growth, weak results on operational trends and lack of operational experience. Strengths include potentially strong support from affiliation with Florida Peninsula Holdings LLC. Good liquidity (6.4) with sufficient resources (cash flows and marketable investments) to handle a spike in claims.
Other Rating Factors:
Strong long-term capitalization index (9.7) based on excellent current risk adjusted capital (severe and moderate loss scenarios). Moreover, capital levels have been consistent in recent years. Excellent profitability index (8.9). Excellent expense controls.
Stability Factors:
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:
Homeowners (99.7%), other (0.3%)
Licensed in:
FL
Principal Investments:
Cash (100.0%)
Corporate Info
Group Affiliation
Florida Peninsula Holdings LLC
Investment Rating
--
Company Address
903 NW 65th Street
Boca Raton, FL 33487
Boca Raton, FL 33487
Phone Number
(888) 247-0482
NAIC Number
17621
Website
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