Major Rating Factors:
Poor long-term capitalization index (0.3 on a scale of 0 to 10) based on weak current risk adjusted capital (severe and moderate loss scenarios). A history of deficient reserves (1.9) that places pressure on both capital and profits. In 2022 and 2023 the one year reserve development was 29.4% and 48.5% deficient respectively. Weak overall results on stability tests (2.8) including weak risk adjusted capital in prior years and weak results on operational trends. The largest net exposure for one risk is high at 3.2% of capital.
Other Rating Factors:
Good overall profitability index (5.9) despite operating losses during 2020, 2021 and the first six months of 2024. Return on equity has been low, averaging 3.7% over the past five years. Superior liquidity (9.2) with ample operational cash flow and liquid investments.
Stability Factors:
C - Past results on our Risk-Adjusted Capital tests.
D - Limited diversification of general business, policy, and/or investment risk.
G - Fast asset or premium growth.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Personal/comm auto (100.0%)
Licensed in:
AL, AZ, IA, IL, IN, KY, LA, MT, NV, NY, OH, OR, TX, WI
Principal Investments:
Investment grade bonds (62.5%), cash (24.6%), other (13.0%)
Corporate Info
Group Affiliation
Huntington Asset Management Ltd
Investment Rating
--
Company Address
One Metrotech Center
Brooklyn, NY 11201
Brooklyn, NY 11201
Phone Number
(718) 215-5300
NAIC Number
10413
Website
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