Major Rating Factors:
Fair reserve development (3.4 on a scale of 0 to 10) as reserves have generally been sufficient to cover claims. Fair overall results on stability tests (4.5) including excessive premium growth, weak results on operational trends and negative cash flow from operations for 2023. Strengths include potentially strong support from affiliation with AXA SA. Strong long-term capitalization index (10.0) based on excellent current risk adjusted capital (severe and moderate loss scenarios) reflecting improvement over results in 2020.
Other Rating Factors:
Excellent liquidity (7.0) with ample operational cash flow and liquid investments. Weak profitability index (2.6) with operating losses during 2019, 2020 and 2023. Average return on equity over the last five years has been poor at -3.0%.
Stability Factors:
F - Negative cash flow.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Fire (3.5%), product liab. (1.8%), personal/comm auto (0.7%), comm multi (0.3%), other (93.8%)
Licensed in:
(No states)
Principal Investments:
Investment grade bonds (88.5%), cash (0.8%), other (10.7%)
Corporate Info
Group Affiliation
AXA SA
Investment Rating
--
Company Address
677 Washington Blvd
Stamford, CT 06901
Stamford, CT 06901
Phone Number
(203) 964-5200
NAIC Number
36940
Website
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