Major Rating Factors:
Fair profitability index (3.0 on a scale of 0 to 10) with operating losses during 2019, 2020, 2021 and 2022. Average return on equity over the last five years has been poor at -79.9%. History of adequate reserve strength (6.7) as reserves have been consistently at an acceptable level. Good overall results on stability tests (5.4) despite excessive premium growth, weak risk adjusted capital in prior years and negative cash flow from operations for 2023. Strengths include potentially strong support from affiliation with American International Group Inc.
Other Rating Factors:
Strong long-term capitalization index (10.0) based on excellent current risk adjusted capital (severe and moderate loss scenarios). Excellent liquidity (7.0) with ample operational cash flow and liquid investments.
Stability Factors:
D - Limited diversification of general business, policy, and/or investment risk.
F - Negative cash flow.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Comm multi (97.1%), other (2.9%)
Licensed in:
All states
Principal Investments:
Cash (81.6%), investment grade bonds (7.1%), other (11.2%)
Corporate Info
Group Affiliation
American International Group Inc
Investment Rating
Company Address
1271 Avenue of the Americas
New York, NY 10020
New York, NY 10020
Phone Number
(212) 770-7000
NAIC Number
26611
Largest Affiliates