Major Rating Factors:
Fair reserve development (3.6 on a scale of 0 to 10) as reserves have generally been sufficient to cover claims. Fair overall results on stability tests (4.3) including excessive premium growth and weak results on operational trends. Strengths include potentially strong support from affiliation with American International Group Inc. Good overall profitability index (5.1) despite operating losses during 2021, 2022 and 2023. Excellent expense controls. Average return on equity over the last five years has been poor at -1.0%.
Other Rating Factors:
Strong long-term capitalization index (10.0) based on excellent current risk adjusted capital (severe and moderate loss scenarios), despite some fluctuation in capital levels. Excellent liquidity (7.0) with ample operational cash flow and liquid investments.
Stability Factors:
G - Fast asset or premium growth.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Work comp (23.5%), comm multi (11.8%), personal/comm auto (6.4%), fire (1.1%), product liab. (0.6%), homeowners (0.4%), other (56.1%)
Licensed in:
All states and PR
Principal Investments:
Cash (71.6%), investment grade bonds (27.6%), other (0.8%)
Corporate Info
Group Affiliation
American International Group Inc
Investment Rating
Company Address
500 West Madison Street
Chicago, IL 60661
Chicago, IL 60661
Phone Number
(212) 770-7000
NAIC Number
23841
Largest Affiliates