Southern Oak Ins Co
Major Rating Factors:
Good overall results on stability tests (5.2 on a scale of 0 to 10) despite good risk adjusted capital in prior years. Stability strengths include good risk diversification. The largest net exposure for one risk is conservative at 1.5% of capital. Fair reserve development (4.3) as the level of reserves has at times been insufficient to cover claims. In 2020 and 2022 the two year reserve development was 15.4% and 21.6% deficient respectively. Fair profitability index (3.9) with operating losses during 2019, 2020 and 2021. Average return on equity over the last five years has been poor at -10.5%.
Other Rating Factors:
Strong long-term capitalization index (7.0) based on excellent current risk adjusted capital (severe and moderate loss scenarios) reflecting significant improvement over results in 2022. Excellent liquidity (7.1) with ample operational cash flow and liquid investments.
Stability Factors:
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Homeowners (91.9%), fire (5.7%), other (2.4%)
Licensed in:
FL
Principal Investments:
Investment grade bonds (78.1%), common stock (11.7%), cash (8.3%), other (1.9%)
Corporate Info
Group Affiliation
None
Investment Rating
--
Company Address
816 A1A North
Ponte Vedra Beach, FL 32082
Ponte Vedra Beach, FL 32082
Phone Number
(904) 353-4000
NAIC Number
12247
Website
Largest Affiliates
No affiliate information available.