[sheet: Cover & Summary]

[sheet: Cover & Summary]
Field | Value
Document Title | Offering Memorandum — Issuer Supplement (Pool Stratification Tables)
Issuer | Quorum Receivables Funding 2022-1 LLC
Sponsor / Parent | Quorum Insurance Holdings Corp.
Originator / Seller / Servicer | Quorum Premium Finance LLC
Depositor | Quorum Receivables Holding LLC
Structuring Agent / Lead Bookrunner | Ridgeline Capital Markets LLC
Indenture Trustee / Paying Agent | Calvoneth Trust Company, N.A.
Back-Up Servicer | Northvane Bank, N.A.
Issuer's Counsel | Calderwood & Harkness LLP
Underwriter's Counsel | Calloway & Brandt LLP
Verification Agent | Veristead Analytics LLC
Auditor | Meridian Ledger LLP
Supplement Date | October 12, 2022
Cut-Off Date | June 30, 2022
Offering Type | Rule 144A / Regulation S Private Placement
CAPITAL STRUCTURE
Total Issuance Size | $500,000,000
Class A Notes (AAA(cr) / Aaa(p)) | $375,000,000
Class B Notes (A(cr) / A1(p)) | $75,000,000
Class C Notes (BBB(cr) / Baa2(p)) | $35,000,000
Overcollateralization / Retained Interest (Unrated) | $15,000,000
Preliminary CUSIP — Class A | 74892TAA3 (placeholder; not finalized)
Preliminary CUSIP — Class B | 74892TAB1 (placeholder; not finalized)
Preliminary CUSIP — Class C | 74892TAC9 (placeholder; not finalized)
INITIAL POOL SUMMARY STATISTICS
Initial Pool Balance | $612,000,000
Number of Loans | 82,400
Average Loan Balance | $7,427
Weighted Average APR | 7.85%
Weighted Average Original Term (months) | 9.2
Weighted Average Remaining Term (months) | 5.7
Historical Net Loss Rate (3-Year Avg., 2019–2021) | 0.42%
60+ Day Delinquency Rate (at Cut-Off) | 0.87%
Largest Single Obligor Concentration | 0.38% ($2,325,600)
Top 10 Obligors Concentration | 2.14% ($13,096,800)
Concentration Limit — Single Obligor | ≤ 0.75%
Concentration Limit — Single State | ≤ 20.00%
Concentration Limit — Single Carrier | ≤ 15.00%
Prepared by | Calderwood & Harkness LLP based on servicer data provided by Quorum Premium Finance LLC
Verified by | Veristead Analytics LLC (tape reconciliation and stratification verification)
C&H Matter No. | 1025-00007
Ridgeline Deal ID | RCM-IPF-2022-0041
[sheet: Stratification by State]
Rank | State | Number of Loans | Aggregate Outstanding Balance ($) | % of Total Pool Balance | Cumulative % of Pool | Within Single State Limit (≤20%)
1 | Texas | 11701 | 86904000 | 14.20% | 14.20% | Yes
2 | California | 9723 | 72216000 | 11.80% | 26.00% | Yes
3 | Florida | 7910 | 58752000 | 9.60% | 35.60% | Yes
4 | New York | 6592 | 48960000 | 8.00% | 43.60% | Yes
5 | Illinois | 5356 | 39780000 | 6.50% | 50.10% | Yes
6 | Pennsylvania | 4532 | 33660000 | 5.50% | 55.60% | Yes
7 | Ohio | 3955 | 29376000 | 4.80% | 60.40% | Yes
8 | Georgia | 3543 | 26316000 | 4.30% | 64.70% | Yes
9 | New Jersey | 3131 | 23256000 | 3.80% | 68.50% | Yes
10 | North Carolina | 2884 | 21420000 | 3.50% | 72.00% | Yes
11 | Virginia | 2060 | 15300000 | 2.50% | 74.50% | Yes
12 | Michigan | 1854 | 13770000 | 2.25% | 76.75% | Yes
13 | Tennessee | 1648 | 12240000 | 2.00% | 78.75% | Yes
14 | Arizona | 1442 | 10710000 | 1.75% | 80.50% | Yes
15 | Massachusetts | 1236 | 9180000 | 1.50% | 82.00% | Yes
16 | Indiana | 1112 | 8262000 | 1.35% | 83.35% | Yes
17 | Missouri | 1030 | 7650000 | 1.25% | 84.60% | Yes
18 | Maryland | 948 | 7038000 | 1.15% | 85.75% | Yes
19 | Minnesota | 866 | 6426000 | 1.05% | 86.80% | Yes
20 | Colorado | 824 | 6120000 | 1.00% | 87.80% | Yes
21 | Wisconsin | 784 | 5814000 | 0.95% | 88.75% | Yes
22 | South Carolina | 742 | 5508000 | 0.90% | 89.65% | Yes
23 | Alabama | 700 | 5202000 | 0.85% | 90.50% | Yes
24 | Louisiana | 660 | 4896000 | 0.80% | 91.30% | Yes
25 | Kentucky | 618 | 4590000 | 0.75% | 92.05% | Yes
26 | Oregon | 576 | 4284000 | 0.70% | 92.75% | Yes
27 | Oklahoma | 536 | 3978000 | 0.65% | 93.40% | Yes
28 | Connecticut | 494 | 3672000 | 0.60% | 94.00% | Yes
29 | Iowa | 454 | 3366000 | 0.55% | 94.55% | Yes
30 | Nevada | 412 | 3060000 | 0.50% | 95.05% | Yes
31 | Arkansas | 370 | 2754000 | 0.45% | 95.50% | Yes
32 | Mississippi | 330 | 2448000 | 0.40% | 95.90% | Yes
33 | Kansas | 288 | 2142000 | 0.35% | 96.25% | Yes
34 | Utah | 268 | 1998000 | 0.33% | 96.58% | Yes
35 | Nebraska | 248 | 1836000 | 0.30% | 96.88% | Yes
36 | New Mexico | 226 | 1674000 | 0.27% | 97.15% | Yes
37 | West Virginia | 206 | 1530000 | 0.25% | 97.40% | Yes
38 | Idaho | 186 | 1386000 | 0.23% | 97.63% | Yes
39 | New Hampshire | 164 | 1224000 | 0.20% | 97.83% | Yes
40 | Maine | 144 | 1074000 | 0.18% | 98.01% | Yes
41 | Hawaii | 132 | 978000 | 0.16% | 98.17% | Yes
42 | Montana | 122 | 918000 | 0.15% | 98.32% | Yes
43 | Rhode Island | 112 | 834000 | 0.14% | 98.46% | Yes
44 | Delaware | 104 | 774000 | 0.13% | 98.59% | Yes
45 | South Dakota | 96 | 714000 | 0.12% | 98.71% | Yes
46 | North Dakota | 88 | 654000 | 0.11% | 98.82% | Yes
47 | Alaska | 80 | 594000 | 0.10% | 98.92% | Yes
48 | District of Columbia | 72 | 534000 | 0.09% | 99.01% | Yes
49 | Vermont | 64 | 474000 | 0.08% | 99.09% | Yes
50 | Wyoming | 56 | 414000 | 0.07% | 99.16% | Yes
51 | Washington | 2850 | 5136000 | 0.84% | 100.00% | Yes
TOTAL | 82400 | 612000000 | 100.00%
[sheet: Stratification by Carrier]
Rank | Insurance Carrier Name | Number of Loans | Aggregate Outstanding Balance ($) | % of Total Pool Balance | Cumulative % of Pool | Within Single Carrier Limit (≤15%)
1 | Broadmoor National Insurance Co. | 8652 | 64260000 | 10.50% | 10.50% | Yes
2 | Covenant Mutual Casualty Group | 7416 | 55080000 | 9.00% | 19.50% | Yes
3 | Stonebridge Property & Casualty Corp. | 6180 | 45900000 | 7.50% | 27.00% | Yes
4 | Hargrove Indemnity Holdings Inc. | 5768 | 42840000 | 7.00% | 34.00% | Yes
5 | Crescent Bay Underwriters LLC | 5356 | 39780000 | 6.50% | 40.50% | Yes
6 | Whitfield Standard Insurance Co. | 4944 | 36720000 | 6.00% | 46.50% | Yes
7 | Tidewater Assurance Corp. | 4120 | 30600000 | 5.00% | 51.50% | Yes
8 | Arcadia General Insurance Group | 3708 | 27540000 | 4.50% | 56.00% | Yes
9 | Laurentian Casualty & Surety Co. | 3296 | 24480000 | 4.00% | 60.00% | Yes
10 | Meridian Peak Insurance Corp. | 2884 | 21420000 | 3.50% | 63.50% | Yes
11 | Pinnacle Ridge Mutual Insurance Co. | 2472 | 18360000 | 3.00% | 66.50% | Yes
12 | Hawthorne Fire & Marine Corp. | 2060 | 15300000 | 2.50% | 69.00% | Yes
13 | Commonwealth Casualty Underwriters | 1854 | 13770000 | 2.25% | 71.25% | Yes
14 | Redwood National Insurance Group | 1648 | 12240000 | 2.00% | 73.25% | Yes
15 | Ironclad Indemnity Corp. | 1442 | 10710000 | 1.75% | 75.00% | Yes
16 | Great Plains Mutual Insurance Co. | 1236 | 9180000 | 1.50% | 76.50% | Yes
17 | Atlantic Horizon Casualty Group | 1030 | 7650000 | 1.25% | 77.75% | Yes
18 | Greaves Private Capital Assurance Corp. | 948 | 7038000 | 1.15% | 78.90% | Yes
19 | Crestfield Property Insurance Inc. | 866 | 6426000 | 1.05% | 79.95% | Yes
20 | Northern Beacon Insurance Co. | 824 | 6120000 | 1.00% | 80.95% | Yes
21 | Clearwater Indemnity Holdings | 742 | 5508000 | 0.90% | 81.85% | Yes
22 | Granville Fire & Casualty Co. | 660 | 4896000 | 0.80% | 82.65% | Yes
23 | Blue Mountain Surety Corp. | 618 | 4590000 | 0.75% | 83.40% | Yes
24 | Harbor Point Insurance Group | 576 | 4284000 | 0.70% | 84.10% | Yes
25 | Keystone National Underwriters Inc. | 536 | 3978000 | 0.65% | 84.75% | Yes
26 | Evergreen Mutual Casualty Co. | 494 | 3672000 | 0.60% | 85.35% | Yes
27 | Prairie States Insurance Corp. | 454 | 3366000 | 0.55% | 85.90% | Yes
28 | Summit Crest Assurance LLC | 412 | 3060000 | 0.50% | 86.40% | Yes
29 | Ridgeway Fire & Marine Insurance | 370 | 2754000 | 0.45% | 86.85% | Yes
30 | Westbrook Indemnity Group | 330 | 2448000 | 0.40% | 87.25% | Yes
All Other Carriers (combined) | 10078 | 77730000 | 12.70% | 99.95% | Yes
Rounding Adjustment | 0 | 30000 | 0.05% | 100.00% | Yes
TOTAL | 82400 | 612000000 | 100.00%
[sheet: Stratification by Remaining Ter]
Remaining Term Bucket | Number of Loans | Aggregate Outstanding Balance ($) | % of Total Pool Balance | Cumulative % of Pool | Weighted Average APR
0–1 months | 4120 | 24480000 | 4.00% | 4.00% | 7.62%
1–2 months | 6592 | 40320000 | 6.59% | 10.59% | 7.70%
2–3 months | 9476 | 61200000 | 10.00% | 20.59% | 7.75%
3–4 months | 11289 | 79560000 | 13.00% | 33.59% | 7.80%
4–5 months | 12524 | 91800000 | 15.00% | 48.59% | 7.82%
5–6 months | 12112 | 88740000 | 14.50% | 63.09% | 7.85%
6–7 months | 9888 | 73440000 | 12.00% | 75.09% | 7.88%
7–8 months | 7004 | 55080000 | 9.00% | 84.09% | 7.90%
8–9 months | 4944 | 42840000 | 7.00% | 91.09% | 7.95%
9–10 months | 2472 | 30600000 | 5.00% | 96.09% | 8.00%
10–11 months | 1237 | 16524000 | 2.70% | 98.79% | 8.05%
11–12 months | 742 | 7416000 | 1.21% | 100.00% | 8.10%
TOTAL | 82400 | 612000000 | 100.00% | 7.85%
[sheet: Stratification by Original Term]
Original Term Bucket | Number of Loans | Aggregate Outstanding Balance ($) | % of Total Pool Balance | Cumulative % of Pool | Weighted Average APR
3 months | 824 | 3060000 | 0.50% | 0.50% | 7.40%
4 months | 1648 | 8568000 | 1.40% | 1.90% | 7.50%
5 months | 2472 | 15300000 | 2.50% | 4.40% | 7.55%
6 months | 5768 | 39780000 | 6.50% | 10.90% | 7.65%
7 months | 7004 | 48960000 | 8.00% | 18.90% | 7.70%
8 months | 9888 | 73440000 | 12.00% | 30.90% | 7.78%
9 months | 16480 | 128520000 | 21.00% | 51.90% | 7.85%
10 months | 18540 | 147492000 | 24.10% | 76.00% | 7.90%
11 months | 12936 | 97920000 | 16.00% | 92.00% | 7.95%
12 months | 6840 | 48960000 | 8.00% | 100.00% | 8.00%
TOTAL | 82400 | 612000000 | 100.00% | 7.85%
[sheet: Stratification by APR Band]
APR Band | Number of Loans | Aggregate Outstanding Balance ($) | % of Total Pool Balance | Cumulative % of Pool | Weighted Average Remaining Term (months)
4.00% – 4.99% | 1236 | 7344000 | 1.20% | 1.20% | 4.8
5.00% – 5.99% | 4944 | 30600000 | 5.00% | 6.20% | 5.1
6.00% – 6.49% | 7828 | 52020000 | 8.50% | 14.70% | 5.3
6.50% – 6.99% | 9064 | 64260000 | 10.50% | 25.20% | 5.5
7.00% – 7.49% | 13760 | 103020000 | 16.83% | 42.03% | 5.6
7.50% – 7.99% | 17716 | 134640000 | 22.00% | 64.03% | 5.7
8.00% – 8.49% | 14172 | 107100000 | 17.50% | 81.53% | 5.8
8.50% – 8.99% | 7828 | 58752000 | 9.60% | 91.13% | 5.9
9.00% – 9.49% | 3708 | 30600000 | 5.00% | 96.13% | 6
9.50% – 9.99% | 1648 | 15300000 | 2.50% | 98.63% | 6.2
10.00% and above | 496 | 8364000 | 1.37% | 100.00% | 6.5
TOTAL | 82400 | 612000000 | 100.00% | 5.7