NORCAL Ins Co
Major Rating Factors:
Good long-term capitalization index (6.5 on a scale of 0 to 10) based on excellent current risk adjusted capital (severe loss scenarios) reflecting improvement over results in 2022. Good liquidity (6.8) with sufficient resources (cash flows and marketable investments) to handle a spike in claims. Fair reserve development (4.3) as reserves have generally been sufficient to cover claims. In 2020 the two year reserve development was 21.8% deficient.
Other Rating Factors:
Fair profitability index (3.7) with operating losses during 2019 and 2020. Average return on equity over the last five years has been poor at -6.1%. Excellent overall results on stability tests (8.5). Stability strengths include excellent operational trends, good risk adjusted capital for prior years and excellent risk diversification.
Stability Factors:
F - Negative cash flow.
Principal Lines of Business:
Med mal (100.0%)
Licensed in:
All states except NY
Principal Investments:
Investment grade bonds (81.6%), common stock (6.7%), non investment grade bonds (5.7%), preferred stock (0.1%), other (6.0%)
Corporate Info
Group Affiliation
ProAssurance Corporation
Investment Rating
Company Address
201 California Street
San Francisco, CA 94111
San Francisco, CA 94111
Phone Number
(844) 466-7225
NAIC Number
33200
Website
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