HARCO NATIONAL INS CO
Major Rating Factors:
Fair overall results on stability tests (4.7 on a scale of 0 to 10) including potential drain of affiliation with IAT Reinsurance Co Ltd and weak results on operational trends. Fair reserve development (3.9) as reserves have generally been sufficient to cover claims. In 2019, the two year reserve development was 18% deficient.
Other Rating Factors:
Fair profitability index (4.0) with operating losses during 2018, 2019 and 2021. Average return on equity over the last five years has been poor at -0.3%. Good liquidity (5.7) with sufficient resources (cash flows and marketable investments) to handle a spike in claims. Strong long-term capitalization index (7.1) based on excellent current risk adjusted capital (severe and moderate loss scenarios), despite some fluctuation in capital levels.
Stability Factors:
R - Concerns about the financial strength of its reinsurers.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Fin guar/surety (34.1%), personal/comm auto (17.3%), homeowners (3.3%), fire (0.2%), other (45.1%)
Licensed in:
All states, the District of Columbia and Puerto Rico
Principal Investments:
Common stock (82.2%), investment grade bonds (9.4%), cash (4.6%), non investment grade bonds (2.5%), preferred stock (0.4%), other (0.9%)
Corporate Info
Group Affiliation
IAT Reinsurance Co Ltd
Investment Rating
--
Company Address
1701 GOLF ROAD SUITE 1-600
ROLLING MEADOWS, IL 60008
ROLLING MEADOWS, IL 60008
Phone Number
(919) 831-8170
NAIC Number
26433
Website
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