C
XL SPECIALTY INS CO
Rating Date
December 2023
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 overall results on stability tests (3.0 on a scale of 0 to 10) including weak financial strength of affiliated XL Group Ltd, excessive premium growth and weak results on operational trends. The largest net exposure for one risk is high at 3.2% of capital. Good long-term capitalization index (6.8) based on good current risk adjusted capital (moderate loss scenario). Over the last several years, capital levels have remained relatively consistent.
Other Rating Factors: History of adequate reserve strength (5.5) as reserves have been consistently at an acceptable level. Good overall profitability index (6.0) despite operating losses during 2018, 2019 and 2020. Average return on equity over the last five years has been poor at -0.7%. Good liquidity (6.5) with sufficient resources (cash flows and marketable investments) to handle a spike in claims.
Stability Factors: G - Fast asset or premium growth. R - Concerns about the financial strength of its reinsurers. T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business: Work comp (5.7%), fire (3.3%), fin guar/surety (1.7%), personal/comm auto (1.7%), other (87.7%)
Licensed in: All states, the District of Columbia and Puerto Rico
Principal Investments: Investment grade bonds (85.4%), common stock (5.6%), cash (1.5%), other (7.4%)
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
XL Group Ltd
Investment Rating
--
Company Address
C/o The Corporation Trust Comp
WILMINGTON, DE 19801
Phone Number
(203) 964-4025
NAIC Number
37885
Largest Affiliates
B
New York, NY - L&A
C
WILMINGTON, DE - P&C
D
NEW YORK, NY - P&C
C
WILMINGTON, DE - P&C
Weiss Ratings