The sum of cash, unaffiliated invested assets, and encumbrances on other properties to net liabilities plus ceded re-insurance balances payable, expressed as a percent. This ratio measures the proportion of liabilities covered by unencumbered cash and unaffiliated investments. If this ratio is less than 100, the company’s solvency is dependent on the collectibles or marketability of premium balances and investments in affiliates. This ratio assumes the collectibles of all amounts recoverable from re-insurers on paid and unpaid losses, and unearned premiums.