Wellfleet New York Ins Co
Major Rating Factors:
History of adequate reserve strength (6.8 on a scale of 0 to 10) as reserves have been consistently at an acceptable level. Good overall results on stability tests (5.7) despite negative cash flow from operations for 2024 and fair risk adjusted capital in prior years. Other stability subfactors include potentially strong support from affiliation with Berkshire Hathaway Inc, good operational trends and excellent risk diversification. Poor long-term capitalization index (2.9) based on weak current risk adjusted capital (severe loss scenarios), although results have slipped from the good range during the last year.
Other Rating Factors:
Good liquidity (6.9) with sufficient resources (cash flows and marketable investments) to handle a spike in claims. Weak profitability index (2.7) with operating losses during 2020, 2022, 2023, 2024 and the first three months of 2025. Average return on equity over the last five years has been poor at -7.1%.
Stability Factors:
C - Past results on our Risk-Adjusted Capital tests.
D - Limited diversification of general business, policy, and/or investment risk.
F - Negative cash flow.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Work comp (50.5%), other (49.5%)
Licensed in:
All states
Principal Investments:
Cash (36.6%), investment grade bonds (22.3%), other (41.1%)
Corporate Info
Group Affiliation
Berkshire Hathaway Inc
Investment Rating
--
Company Address
5814 Reed Road
Fort Wayne, IN 46835
Fort Wayne, IN 46835
Phone Number
(260) 485-9622
NAIC Number
20931
Website
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