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 2024 the two year reserve development was 22.8% deficient. Fair profitability index (3.7) with operating losses during 2024 and the first three months of 2025. Return on equity has been low, averaging 1.1% over the past five years. Good overall results on stability tests (5.4) despite.
Other Rating Factors:
Strong long-term capitalization index (7.5) based on excellent current risk adjusted capital (severe and moderate loss scenarios), despite some fluctuation in capital levels. Excellent liquidity (8.3) with ample operational cash flow and liquid investments.
Stability Factors:
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Comm multi (34.9%), personal/comm auto (34.3%), work comp (6.0%), homeowners (3.2%), other (21.6%)
Licensed in:
DE, IN, MA, MD, ME, MI, NH, NJ, NY, OH, PA, RI, VT
Principal Investments:
Investment grade bonds (74.8%), common stock (17.5%), cash (6.0%), preferred stock (1.0%), non investment grade bonds (0.6%)
Corporate Info
Group Affiliation
Merchants Mutual Ins Co
Investment Rating
--
Company Address
250 Main Street
Buffalo, NY 14202
Buffalo, NY 14202
Phone Number
(716) 849-3333
NAIC Number
23329
Website
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