Major Rating Factors:
Fair profitability index (3.1 on a scale of 0 to 10) with operating losses during 2018 and 2022. Return on equity has been low, averaging 2.7% over the past five years. Weak overall results on stability tests (2.6) including fair financial strength of affiliated MAPFRE Ins Group and weak results on operational trends. The largest net exposure for one risk is excessive at 8.2% of capital.
Other Rating Factors:
History of adequate reserve strength (6.5) as reserves have been consistently at an acceptable level. Good liquidity (5.7) with sufficient resources (cash flows and marketable investments) to handle a spike in claims. 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.
Stability Factors:
D - Limited diversification of general business, policy, and/or investment risk.
R - Concerns about the financial strength of its reinsurers.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Comm multi (44.1%), personal/comm auto (33.3%), homeowners (21.9%), fire (0.4%), other (0.3%)
Licensed in:
All states except GA, PR
Principal Investments:
Investment grade bonds (96.1%), cash (3.9%)
Corporate Info
Group Affiliation
MAPFRE Ins Group
Investment Rating
--
Company Address
100 CAMPUS DRIVE
FLORHAM PARK, NJ 07932
FLORHAM PARK, NJ 07932
Phone Number
(508) 943-9000
NAIC Number
23876
Website
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