...These operations are well positioned to take advantage of the firming rate environment, evidenced by a strong premium growth rate of 8.2% for third quarter year-to-date 2019, which should add to the prospective underwriting earnings. An improving investment earnings profile further adds to the earnings strength, although the outlook on investment growth is somewhat tempered by the current interest rate environment. Earnings expansion can progressively improve the company's fixed-charge coverage, and accrued earnings along with monetization of certain investments can strengthen its risk-adjusted capitalization to a level that is redundant at the '##' confidence level. These strengths are partially offset by inherent earnings volatility, both from property-catastrophe exposure and investment philosophy, and a moderately high level of financial obligations. The liquidity position is adequate, based on a significant cash position and high-quality bond portfolio....
