B
CASTLE KEY INS CO
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 (3.9 on a scale of 0 to 10) including weak results on operational trends, negative cash flow from operations for 2022, weak risk adjusted capital in prior years and excessive premium growth. Strengths include potentially strong support from affiliation with Allstate Group. The largest net exposure for one risk is acceptable at 2.8% of capital. Fair reserve development (4.6) as reserves have generally been sufficient to cover claims.
Other Rating Factors: Poor long-term capitalization (2.9) based on weak current risk adjusted capital (moderate loss scenario), although results have slipped from the good range over the last two years. Weak profitability index (1.0) with operating losses during 2021 and 2022. Average return on equity over the last five years has been poor at -18.3%. Vulnerable liquidity (1.9) as a spike in claims may stretch capacity.
Stability Factors: C - Past results on our Risk-Adjusted Capital tests. F - Negative cash flow. L - Past results on our liquidity tests. T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business: Homeowners (98.2%), other (1.8%)
Licensed in: FL, IL, PA
Principal Investments: Investment grade bonds (84.2%), common stock (6.0%), non investment grade bonds (0.5%), other (9.3%)
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
Allstate Group
Investment Rating
ALL
Company Address
3100 Sanders Road Suite 201
NORTHBROOK, IL 60062
Phone Number
(414) 369-5033
NAIC Number
30511
Largest Affiliates
B
NORTHBROOK, IL - P&C
C
WINSTON-SALEM, NC - P&C
B
NORTHBROOK, IL - P&C
C
JACKSONVILLE, FL - L&A
U
NORTHBROOK, IL - P&C
Weiss Ratings