Development
SOUTHERN OAK INS CO
Major Rating Factors:
Fair reserve development (3.5 on a scale of 0 to 10) as the level of reserves has at times been insufficient to cover claims. In 2020 and 2022 the two year reserve development was 15% and 22% deficient respectively. Fair liquidity (4.3) as cash resources may not be adequate to cover a spike in claims.
Other Rating Factors:
Fair overall results on stability tests (3.3) including weak results on operational trends and excessive premium growth. The largest net exposure for one risk is acceptable at 2.3% of capital. Weak profitability index (2.9) with operating losses during 2018, 2019, 2020 and 2021. Average return on equity over the last five years has been poor at -12.9%. Good overall long-term capitalization (5.0) based on good current risk adjusted capital (severe and moderate loss scenarios). However, capital levels have fluctuated somewhat during past years.
Stability Factors:
L - Past results on our liquidity tests.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Homeowners (89.6%), fire (7.5%), other (2.9%)
Licensed in:
FL
Principal Investments:
Investment grade bonds (83.4%), common stock (13.9%), other (2.7%)
Corporate Info
Group Affiliation
None
Investment Rating
--
Company Address
816 A1A North Suite 302
Ponte Vedra Beach, FL 32082
Ponte Vedra Beach, FL 32082
Phone Number
(414) 369-5033
NAIC Number
12247
Website
Largest Affiliates
No affiliate information available.