C
NORCAL MUTUAL INS CO
Data as of
September 30, 2022
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 reserve development (3.3 on a scale of 0 to 10) as reserves have generally been sufficient to cover claims. In 2020, the two year reserve development was 22% deficient. Fair overall results on stability tests (3.4).
Other Rating Factors: Weak profitability index (1.8) with operating losses during 2019, 2020 and the first six months of 2022. Average return on equity over the last five years has been poor at -4.8%. Good long-term capitalization index (6.0) based on good current risk adjusted capital (severe and moderate loss scenarios), although results have slipped from the excellent range over the last two years. Good liquidity (6.7) with sufficient resources (cash flows and marketable investments) to handle a spike in claims.
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: Med mal (100.0%)
Licensed in: All states except NY, PR
Principal Investments: Investment grade bonds (79.5%), non investment grade bonds (7.3%), common stock (6.0%), cash (1.2%), preferred stock (0.2%), other (5.7%)
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
NORCAL Mutual
Investment Rating
PRA
Company Address
575 Market Street Suite 1000
San Francisco, CA 94105
Phone Number
(844) 466-7225
NAIC Number
33200
Largest Affiliates
B
C
BIRMINGHAM, AL - P&C
D
LANCASTER, PA - P&C
C
Springfield, IL - P&C
Weiss Ratings