AM Best Upgrades Credit Ratings of New Horizon Insurance Company
The ratings reflect NHIC's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management (ERM).
The ratings upgrade for New Horizon reflects its trend of strong and consistent operating performance over the past three years, driven by modest loss and loss adjustment expense ratios that have resulted in favorable net income over this time-frame and have notably outperformed the commercial automobile composite averages. The company's strong operating performance is further evidenced by pre-tax and total return on revenue and return on equity metrics that have reached the double-digit level in four of the past five years. This has resulted in five-year averages for these metrics that compare favorably with respective peer averages by a wide margin. These favorable trends continued through the first quarter of 2025, resulting in reported underwriting and net income. New Horizon has successfully grown its premium base in recent years through rate increases and organic growth across all lines and is expected to continue to do so over the near-term. New Horizon's strong operating results have been accretive to the balance sheet strength, with risk-adjusted capital and underwriting leverage metrics improving as its capital has accumulated in recent years.
This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250729139108/en/
Contacts
Justine Aimone Financial Analyst +1 908 882 1595 justine.aimone@ambest.com Janet Hernandez Senior Financial Analyst +1 908 882 1890 janet.hernandez@ambest.com Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 christopher.sharkey@ambest.com Al Slavin Senior Public Relations Specialist +1 908 882 2318 al.slavin@ambest.com
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
4 hours ago
- Yahoo
Dental loans: How to finance dental costs
Key takeaways A dental loan is a type of unsecured personal loan designed to cover dental expenses. This form of financing often has a more competitive APR than most credit cards. It's possible to secure funding with bad credit, but you'll likely pay more interest and fees. Before taking out a dental loan, compare your options and explore alternatives to find the best fit. Dental work can be expensive, but putting it off can cost you more in the long run. If you're facing a major dental procedure but are strapped for cash, consider taking out a dental loan. This is typically a personal loan used specifically to cover expenses related to dental care. This financing option typically has a lower average interest rate than a credit card — 12.64 percent versus 20.13 percent, respectively. However, it may be worth it to explore alternatives to avoid any damage to your credit. If you end up needing a loan, get quotes from multiple lenders to ensure you get the most cost-effective plan for your dental work. What is a dental loan? A dental loan is a type of installment loan used to pay for dental expenses. Like other personal loans, they have predictable monthly payments and fixed interest rates. They're also usually unsecured, meaning you won't have to pledge any collateral (like a car or home). You can apply for dental loans through a bank, credit union, online lender or marketplace like Bankrate. If you have strong credit and a high income, you may qualify for the lowest rates, which start below 7 percent. However, bad credit personal loan rates may be as high as 35.99 percent. Did you know? If you don't have the cash to pay for your dental work, you're not alone. A recent Gallup poll found that 12 percent of U.S. adults (or about 31 million Americans) had to borrow money to pay for healthcare expenses. To avoid being part of this statistic, consider beefing up your emergency savings account. How much do common dental procedures cost? What you'll pay out of pocket for a dental procedure depends on your insurance coverage — if you have it. Here's what to expect for common dental procedures, according to Care Credit, but remember that your costs may vary. Dental procedure Cost range Basic cleaning, including polish $126 to $968 X-rays $55 to $466 Amalgam filling (per tooth) $139 Composite or ionomer filling (per tooth) $152 to $226 Dental crown (per tooth) $697 to $1,399 Tooth extraction $177 to $3,340 Root canal $984 to $1,337 Dental implants $860 to $29,980 Read more: Average out-of-pocket healthcare costs Compare dental loans To get the best rates on a dental loan, you should get quotes from at least three lenders. Try to choose lenders that allow for prequalification to avoid unnecessary damage to your credit score. You can get prequalified with several lenders at once with Bankrate by entering basic personal and financial information. Here's a look at the rates and terms offered by a few popular lenders: Lender APR range Repayment term Minimum credit score Loan amounts Best Egg 6.99%-35.99% 36–60 months 600 $2,000–$50,000 LightStream 6.49%-25.14% 24–240 months 660 $5,000–$100,000 Upstart 6.60%-35.99% 36 or 60 months 300 $1,000–$50,000 SoFi 8.99%-35.49% 24–84 months 300 $5,000–$100,000 Avant 9.95%-35.99% 24–60 months 550 $2,000–$35,000 How to get a dental loan Applying for a personal loan to cover dental expenses involves comparing your options to get the best deal, gathering the necessary documents and then submitting a formal application once you've found a lender that best matches your borrowing needs. Research lenders and prequalify. Research lenders and compare personal loan rates and terms. Prequalifying will give you an estimate of your loan amount and interest rate. Formally apply with a lender. After you choose a lender, the next step is to fill out a loan application online or in person. You'll need to know the amount you need to borrow and choose your desired loan term. Wait for approval. Once you've applied, the lender will review your application and decide whether to lend you money. Although approval times vary, you can sometimes be approved — and funded — the same business day you apply. Review and sign your loan agreement. If you're approved, a lender will send you a loan agreement. Review the document carefully before you sign it. Afterward, the lender will issue your funds, usually as an ACH transfer directly to your bank account. How to compare dental loans Consider a lender's eligibility requirements, terms and available amounts when comparing dental loans. Eligibility requirements:Minimum credit score and income requirements vary based on the lender. Before you apply, review a lender's eligibility requirements. If the lender doesn't publish its requirements, ask if prequalifying is an option. Loan amounts: Some lenders require that you borrow a certain amount of money. Because minimum loan amounts vary, choose a lender that offers the amount you need to cover your dental expenses. Loan terms: Personal loans typically have repayment terms of one to eight years. Although a long term can result in a low monthly payment, you'll also pay more interest over the life of the loan, increasing your total cost of borrowing. You'll typically get the lowest APR offers for the shortest terms (three years or less). Fees: Some lenders charge origination fees, late fees, returned payment fees and application fees. These fees can significantly increase your borrowing costs or reduce your loan amount, since they are deducted from the amount you receive. Annual percentage rate (APR): A loan's APR tells you how much interest you'll pay over the life of the loan; it's a better measurement than the interest rate because it also accounts for any loan fees. Dental loan alternatives When determining how to pay for dental work, it makes sense to see how you can lower or mitigate the cost before resorting to financing. Get a second (or third) opinion Not all dental offices have the same prices for the same procedures, so shop around and find a reputable dentist you trust who can do the work for a lower price. You can also try to negotiate with your dentist, though there's no guarantee they will do your work for a reduced rate. It never hurts to ask, though. In-house financing Some dental offices offer special rates depending on your circumstances, so inquire with your dental office whether they offer in-house financing for expensive procedures. These installment loans often come with no or low interest rates, which can save you a lot of money. Medical credit cards Another way to save on interest is by applying for a medical credit card — this product is designed to cover medical and dental expenses. In some cases, medical providers may even offer special financing terms, like 0 percent APR. CareCredit is a popular medical credit card that offers short-term financing with no interest charges if the balance is paid within 24 months. Dental schools Many dental schools will offer dental care to the public at a reduced rate, but it can take a while to get in, as most of these schools have high demand for their dental work. Check to see if a dental school near you offers these services. Credit cards If your income is unpredictable, or you can't afford the monthly payments offered by personal loan lenders, using a credit card may be worth considering. You'll have the flexibility to make minimum payments if you have a low earnings month. But remember: Since credit cards are revolving debt, your credit utilization ratio will increase, which can have a negative effect on your credit score. Bankrate's Casey McNulty chose a credit card to pay for nearly $5,000 worth of dental work to earn points on her American Express gold card. 'I didn't consider any other financing options because I knew I could pay the total in full, especially when spread out over three months, and I wanted those credit card points.' She added that although the dentist also offered to spread the charge out over three months, using the credit card was a good way for her to earn points to put toward other goals. Savings It will take longer to get treatment, but if the dental procedure you need is elective or can be put off for a while, it may be wise to save for the treatment instead of financing it. Saving the money to pay upfront will keep you from paying interest on a loan or credit card. Bottom line Dental work can be pricey. A personal loan is one solution to get the funding you need, but before applying, consider alternative financing options, such as in-house financing and a 0 percent APR medical credit card. And don't underestimate the importance of getting quotes from multiple dental providers to confirm that you're getting a fair price. If you decide that a personal loan is your best option for dental costs, compare multiple lenders. Review their interest rates, loan amounts, loan terms and all associated fees before choosing your lender. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
4 hours ago
- Bloomberg
Credit Agricole Beats on Profit Under New CEO Olivier Gavalda
Credit Agricole SA 's profit exceeded analyst estimates in the second quarter, providing tailwind to the lender's new chief executive officer, Olivier Gavalda. Net income in the period was €2.39 billion ($2.7 billion), according to a statement on Thursday. That was above the analyst consensus of €2.00 billion.
Yahoo
12 hours ago
- Yahoo
FICO raises full-year profit forecast amid robust demand for its products
(Reuters) -Credit scoring giant Fair Isaac Corporation, widely known as FICO, raised its forecast for full-year adjusted profit on Wednesday, reflecting robust demand for its products. The company now expects $718 million, or $29.15 per share, in adjusted profit for 2025, compared to its previous forecast of $712 million, or $28.58 per share. Shares of the Bozeman, Montana-based company rose 1.5% in extended trading. FICO also reported a jump in third-quarter profit, buoyed by strong performance in its scoring business. While the broader lending environment has remained muted in recent years, FICO has benefited from strong pricing power given its dominant position in mortgage scores. The company is best known for its FICO score, the standard measure of consumer credit risk used by banks, credit card issuers, mortgage lenders and auto loan providers. Scores revenue, which includes its business-to-business and business-to-consumer scoring solutions, jumped 34% to $324.3 million in the third quarter. Software revenue rose 3% to $212.1 million in the quarter. FICO's total revenue jumped 20% to $536.4 million from a year earlier. FICO's adjusted profit for the quarter totaled $210.6 million, or $8.57 per share, compared with $156.4 million, or $6.25 per share, a year earlier. Investor sentiment around the company has weakened this year after coming under fire from Federal Housing Finance Agency (FHFA) Director Bill Pulte over FICO pricing. Earlier this month, the FHFA also allowed the use of VantageScore for mortgages sold to Fannie Mae and Freddie Mac. The move introduces direct competition to FICO in the mortgage market and has raised concerns about its ability to continue raising its pricing. VantageScore, founded in 2006, is a joint venture between credit bureaus Equifax, Experian and TransUnion. FICO stock has plunged 23.3% so far this year, underperforming the benchmark S&P 500 index. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
