B
NORCAL Ins Co
Rating Date
April 2025
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: 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%)
Ratios
Premium to Surplus
Reserve to Surplus
1-Year Reserve Development
2-Year Reserve Development
Expense Ratio
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Cash From Underwriting
Net Premium Growth
Investments in Affiliates
Corporate Info
Group Affiliation
ProAssurance Corporation
Investment Rating
PRA
Company Address
201 California Street
San Francisco, CA 94111
Phone Number
(844) 466-7225
NAIC Number
33200
Largest Affiliates
B
Birmingham, AL - P&C
C
Lancaster, PA - P&C
B
Franklin, TN - P&C
C
Birmingham, AL - P&C
C
Chantilly, VA - P&C