C
Narragansett Bay Ins Co
Rating Date
June 2025
NAIC
Classification
Risk Adjusted
Capital Ratio #1
Risk Adjusted
Capital Ratio #2
Loss
Ratio
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Major Rating Factors: Fair long-term capitalization index (3.3 on a scale of 0 to 10) based on fair current risk adjusted capital (severe loss scenarios), although results have slipped from the good range over the last two years. Weak profitability index (2.4) with operating losses during each of the last five years. However, profits have turned positive in the first three months of 2025. Average return on equity over the last five years has been poor at -16.4%. Good liquidity (6.3) with sufficient resources (cash flows and marketable investments) to handle a spike in claims.
Other Rating Factors: Good overall results on stability tests (6.8) despite weak risk adjusted capital in prior years. Stability strengths include good operational trends and excellent risk diversification. The largest net exposure for one risk is conservative at 1.8% of capital. History of adequate reserve strength (6.9) as reserves have been consistently at an acceptable level.
Stability Factors: C - Past results on our Risk-Adjusted Capital tests. T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business: Homeowners (92.5%), fire (2.2%), comm multi (0.8%), other (4.5%)
Licensed in: CT, DE, MA, MD, NJ, NY, PA, RI, VA
Principal Investments: Investment grade bonds (67.5%), common stock (0.2%), other (32.3%)
Ratios
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Reserve to Surplus
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Investments in Affiliates
Corporate Info
Group Affiliation
Heritage Ins Holdings Inc
Investment Rating
Company Address
1301 Atwood Avenue
Johnston, RI 02919
Phone Number
(401) 725-5600
NAIC Number
43001
Largest Affiliates
D
Tampa, FL - P&C
D
Honolulu, HI - P&C
U
Tampa, FL - P&C