The ratings reflect Transmonde’s balance sheet strength, which
Partially offsetting these rating factors are Transmonde’s high retentions and concentration in liability lines with significant loss severity potential, and its limited market profile as a single parent captive. Transmonde provides professional, general and pollution liability coverages to members of the
Transmonde has maintained very conservative underwriting leverage ratios, as surplus has remained strong to support its business volumes. Historically, surplus growth is the result of retained earnings from highly profitable operating results driven by excellent underwriting performance. The company has posted low loss and loss adjustment expense ratios, which reflect SGS’s effective risk management. Its relatively high per-occurrence retentions are mitigated by significant deductibles and conservative reserving practices.
While the rating outlooks are stable, factors that could lead to positive rating actions include a material increase in Transmonde's risk-adjusted capitalization and consistently favorable operating results at
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