NORCAL MUTUAL INS CO
Major Rating Factors:
Fair reserve development (3.4 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 (3.8) including weak results on operational trends and negative cash flow from operations for 2022.
Other Rating Factors:
Weak profitability index (2.1) with operating losses during 2019 and 2020. Average return on equity over the last five years has been poor at -5.5%. Good overall long-term capitalization (6.9) based on good current risk adjusted capital (moderate loss scenario). However, capital levels have fluctuated during prior years. Good liquidity (6.6) with sufficient resources (cash flows and marketable investments) to handle a spike in claims.
Stability Factors:
F - Negative cash flow.
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 (82.3%), non investment grade bonds (6.7%), common stock (6.0%), preferred stock (0.2%), other (4.7%)
Corporate Info
Group Affiliation
NORCAL Mutual
Investment Rating
Company Address
575 Market Street Suite 1000
San Francisco, CA 94105
San Francisco, CA 94105
Phone Number
(717) 791-1212x5631
NAIC Number
33200
Website
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