Major Rating Factors:
Fair reserve development (3.5 on a scale of 0 to 10) as reserves have generally been sufficient to cover claims. In 2023 the two year reserve development was 27.3% deficient. Fair profitability index (3.8) with operating losses during 2021, 2022 and 2023. Return on equity has been low, averaging 1.5% over the past five years. Strong long-term capitalization index (7.3) based on excellent current risk adjusted capital (severe and moderate loss scenarios), despite some fluctuation in capital levels.
Other Rating Factors:
Excellent liquidity (7.8) with ample operational cash flow and liquid investments. Excellent overall results on stability tests (8.4). Stability strengths include excellent operational trends and excellent risk diversification.
Stability Factors:
F - Negative cash flow.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Work comp (3.0%), fin guar/surety (1.0%), personal/comm auto (0.5%), med mal (0.4%), fire (0.4%), other (94.8%)
Licensed in:
All states and Canada, PR
Principal Investments:
Investment grade bonds (65.3%), non investment grade bonds (4.2%), cash (2.3%), common stock (1.8%), other (26.4%)
Corporate Info
Group Affiliation
AXIS Capital Holdings Limited
Investment Rating
Company Address
1211 Avenue of the Americas
New York, NY 10036
New York, NY 10036
Phone Number
(678) 746-9400
NAIC Number
20370
Website
Largest Affiliates
