The Philadelphia Contributionship Surveillance Report
Rating Summary
The ratings of The Philadelphia Contributionship for the Insurance of Houses from Loss by Fire, Inc. (TPC), The Philadelphia Contributionship Insurance Company (PCIC), and Germantown Insurance Company (GIC) (together, the Contributionship) reflect strong risk-adjusted capitalization and conservative leverage, supported by substantial surplus growth and low underwriting and reserve leverage. The credit profile is also supported by 18 consecutive years of favorable prior-year reserve development and conservative reserving practices. The group also benefits from a robust catastrophe reinsurance program, which provides protection just above the 1-in-200-year return period and limits tail risk, as well as a well-developed enterprise risk management framework with Board and management oversight, established risk tolerances, and disciplined exposure management. Investment earnings have also provided meaningful support to net income.
Balancing these strengths are the…
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