Development
ADIRONDACK INS EXCHANGE
Major Rating Factors:
Weak profitability index (1.2 on a scale of 0 to 10) with operating losses during 2018, 2019, 2021 and 2022. Weak overall results on stability tests (0.9) including weak results on operational trends and negative cash flow from operations for 2022. The largest net exposure for one risk is excessive at 20.8% of capital.
Other Rating Factors:
Fair reserve development (4.3) as reserves have generally been sufficient to cover claims. Fair liquidity (4.4) as cash resources may not be adequate to cover a spike in claims. Good overall long-term capitalization (5.7) based on good current risk adjusted capital (moderate loss scenario). However, capital levels have fluctuated during prior years.
Stability Factors:
D - Limited diversification of general business, policy, and/or investment risk.
F - Negative cash flow.
L - Past results on our liquidity tests.
R - Concerns about the financial strength of its reinsurers.
Principal Lines of Business:
Homeowners (48.2%), personal/comm auto (45.6%), fire (1.5%), other (4.7%)
Licensed in:
NH, NY
Principal Investments:
Investment grade bonds (88.5%), common stock (7.8%), non investment grade bonds (0.3%), other (3.4%)
Corporate Info
Group Affiliation
AmTrust Financial Services Inc
Investment Rating
Company Address
59 Maiden Lane 38th Floor
NEW YORK, NY 10038
NEW YORK, NY 10038
Phone Number
(414) 369-5033
NAIC Number
12583
Website
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