B
EVERSPAN FINANCIAL GUARANTEE CORP
Rating Date
December 2023
NAIC
Classification
Risk Adjusted
Capital Ratio #1
Risk Adjusted
Capital Ratio #2
Loss
Ratio
Total
Assets
Capital
Net
Premiums
Net
Income
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Major Rating Factors: Fair overall results on stability tests (4.6 on a scale of 0 to 10) including excessive premium growth and weak results on operational trends. Strengths include potentially strong support from affiliation with AMBAC Financial Group Inc.
Other Rating Factors: Fair profitability index (3.3) with operating losses during 2021 and 2022. Return on equity has been fair, averaging 15.5% over the past five years. Strong long-term capitalization index (7.4) 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: Personal/comm auto (82.5%), fin guar/surety (15.2%), homeowners (2.3%)
Licensed in: All states except PR
Principal Investments: Common stock (61.2%), investment grade bonds (33.5%), other (5.4%)
Ratios
Premium to Surplus
Reserve to Surplus
1-Year Reserve Development
2-Year Reserve Development
Expense Ratio
Combined Ratio
Cash From Underwriting
Net Premium Growth
Investments in Affiliates
Corporate Info
Group Affiliation
AMBAC Financial Group Inc
Investment Rating
Company Address
C/o Kutak Rock Llp 8601 N Scot
SCOTTSDALE, AZ 85253
Phone Number
(212) 658-7470
NAIC Number
24961
Largest Affiliates
E
MADISON, WI - P&C
A
SCOTTSDALE, AZ - P&C
U
PROVIDENCE, RI - P&C
Weiss Ratings