AM Best Assigns Preliminary Credit Assessment to New England Indemnity Company
BUSINESS WIRE)-- AM Best has assigned a Preliminary Credit Assessment (PCA) to New England Indemnity Company (NEIC) (Bedford, NH) with a Financial Strength Assessment of A- pca (Excellent) and a Long-Term Issuer Credit Assessment of 'a-' pca (Excellent). The outlook assigned to the PCAs is stable.
The PCAs reflect NEIC's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).
The balance sheet strength assessment is driven by AM Best's expectation that NEIC will maintain the strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), over the five-year startup period. Additionally, the assessment is contingent upon management executing its proposed plans, as well as maintaining an appropriate capital buffer to support future growth plans. The balance sheet strength assessment further reflects NEIC's conservative investment portfolio; the company plans to grow conservatively by maintaining underwriting leverage ratios below or in line with its composite averages.
The operating performance assessment is based on NEIC's operating results that are expected to benefit from the expertise of the management team, which has longstanding partnerships in the insurance industry. NEIC's projections reflect the startup nature of the company with outsized expenses at the onset. The company is expecting to report modest income in the near term, which is contingent upon the successful execution of its business plan. The company's business plan reflects a consistent stream of net investment income, which will be derived from the fixed-income portfolio.
The business profile assessment is based on NEIC's narrow geographic and product concentrations, along with execution risk. The company plans to write personal and small commercial insurance products in New Hampshire. The company intends to distribute business exclusively through the independent agency channel with already established agency partners. In addition, third-party tools will be utilized to guard against rate evasion, adverse selection and fraud. The company is also licensed in New Hampshire for accident & health (A&H) products; however, it has no current plans to write any A&H business.
The ERM assessment is based on a formalized ERM policy that has been established and approved by the NEIC's board of directors. The company's board is made up of experienced insurance and finance professionals, and it mandates accountability throughout the organization and addresses various risk management topics in each quarterly meeting. The ERM program is expected to continue to develop as the company expands the established structure. In addition, the company utilizes a combination of per-risk excess of loss and catastrophe coverage, as well as facultative coverage when necessary.
NEIC was licensed as a New Hampshire property/casualty insurance company on Feb. 14, 2024. The company is a wholly owned subsidiary of NEIC Holding Company, Inc. (NEIC Holdings), alongside its affiliated service company, NEIC Services Company, Inc. (NEIC Services). The company maintains modest financial flexibility through NEIC Holdings to provide additional capital if warranted to support growth plans.
This press release relates to Preliminary Credit Assessments that have been published on AM Best's website. For all assessment information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual assessments referenced in this release, please see AM Best's Recent Rating Activity 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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Associated Press
25 minutes ago
- Associated Press
Denmark Data Center Portfolio Report 2025: Detailed Analysis of 27 Existing and 5 Upcoming Data Center Facilities
DUBLIN--(BUSINESS WIRE)--Jun 6, 2025-- The 'Denmark Existing & Upcoming Data Center Portfolio' database has been added to offering. Denmark currently has over 25 active data centers with around 100 MW of total IT power. The upcoming capacity is expected to reach 400 MW - more than four times the existing capacity. atNorth and Prime Data Centers are leading upcoming developments with large-scale projects. Digital Realty and STACK Infrastructure are among the top existing operators with nearly 70 MW of combined capacity. Around 60% of the current rack capacity is centered in Copenhagen. Aarhus and Skanderborg are gaining attention as emerging data center hubs. Most of the upcoming facilities are planned in and around Copenhagen, reinforcing its position as the country's core data center market. Key Market Highlights This database (Excel) product covers the Denmark data center market portfolio analysis, which will provide the following information on the colocation data centers: Existing Data Centers (27 Facilities) Upcoming Data Centers (5 Facilities) Target Audience Key Topics Covered: 1. About the Database 2. Scope & Assumptions 3. Definitions 4. Snapshot: Existing & Upcoming Data Center Facility 5. Existing Data Center Database 6. Upcoming Data Center Facility 7. Existing vs. Upcoming Capacity (Infographics) 8. Colocation Pricing The major operators/investors covered in this Denmark Data Center Colocation Market Database include: For more information about this database visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. View source version on CONTACT: Laura Wood, Senior Press Manager [email protected] For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900 KEYWORD: DENMARK EUROPE INDUSTRY KEYWORD: TECHNOLOGY HARDWARE DATA MANAGEMENT SOURCE: Research and Markets Copyright Business Wire 2025. PUB: 06/06/2025 08:04 AM/DISC: 06/06/2025 08:02 AM
Associated Press
25 minutes ago
- Associated Press
Italy Existing & Upcoming Data Center Portfolio Analysis Report 2025: Eni & G42 Drive Over 50% of Italy's Data Center Growth in Upcoming Market
DUBLIN--(BUSINESS WIRE)--Jun 6, 2025-- The 'Italy Existing & Upcoming Data Center Portfolio' database has been added to offering. Milan dominates the upcoming data center market in Italy. Italy is seen as an ideal location for data centers with its geographical benefits. Major cities like London, Amsterdam, Dublin, and facing network saturation, Italy stands out as a new hub for data infrastructure. The upcoming IT power capacity is around 2 GW, nearly 2x the current capacity. Eni & G42 alone account for over 50% of the upcoming power and rack supply. CloudHQ, STACK Infrastructure, and CyrusOne are key new entrants driving future growth. DATA4, Telecom Italia (TIM), and Aruba are among the leading existing operators. Key Market Highlights This database (Excel) product covers the Italy data center market portfolio analysis, which will provide the following information on the colocation data centers: Existing Data Centers (69 Facilities) Upcoming Data Centers (17 Facilities) Target Audience Key Topics Covered: 1. About the Database 2. Scope & Assumptions 3. Definitions 4. Snapshot: Existing & Upcoming Data Center Facility 5. Existing Data Center Database 6. Upcoming Data Center Facility 7. Existing vs. Upcoming Capacity (Infographics) 8. Colocation Pricing The major operators/investors covered in this Italy Data Center Colocation Market Database include: For more information about this database visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. View source version on CONTACT: Laura Wood, Senior Press Manager [email protected] For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900 KEYWORD: ITALY EUROPE INDUSTRY KEYWORD: TECHNOLOGY INTERNET HARDWARE DATA MANAGEMENT SOURCE: Research and Markets Copyright Business Wire 2025. PUB: 06/06/2025 08:01 AM/DISC: 06/06/2025 08:01 AM
Business Wire
35 minutes ago
- Business Wire
HistoSonics Completes Enrollment in #HOPE4KIDNEY Trial Evaluating Non-Invasive Histotripsy to Treat Kidney Tumors
MINNEAPOLIS--(BUSINESS WIRE)-- HistoSonics, Inc., the manufacturer of the Edison® Histotripsy System and novel histotripsy therapy platforms, today announced the completion of patient enrollment in its pivotal #HOPE4KIDNEY trial. This prospective, multi-center, single-arm trial is designed to evaluate the safety and effectiveness of the Edison System in destroying kidney tissue by treating primary solid kidney tumors. 'Our vision is for the Edison System to become a foundational, non-invasive solution across a wide range of clinical applications,' said Mike Blue, President and CEO, HistoSonics. The trial enrolled patients with a single, non-metastatic solid kidney mass ≤3 cm, confirmed by imaging and biopsy. Subjects will be followed for five years post-procedure, with evaluations at multiple time points, including 14-day, 30-day, 90-day, 180-day, and annual assessments. The Edison System remains in investigational use for kidney applications and is not yet FDA-approved for this indication. Data from the #HOPE4KIDNEY trial is expected to support a future submission for regulatory clearance to expand the use of histotripsy to treat kidney tissue/tumors. The Edison System is the first and only platform to use histotripsy, a non-thermal, non-invasive focused ultrasound technology, to mechanically liquefy tumors without surgery, radiation, or systemic therapies. Unlike invasive surgical approaches, histotripsy does not require incisions and enables real-time imaging and treatment monitoring, allowing physicians to target and control tissue destruction while sparing surrounding structures. 'Our vision is for the Edison System to become a foundational, non-invasive solution across a wide range of clinical applications,' said Mike Blue, President and CEO, HistoSonics. 'Completing enrollment in our pivotal kidney tumor trial represents a significant milestone toward that goal and reinforces our confidence in expanding histotripsy into additional tumor types and indications. This achievement reflects the dedication of our team and clinical partners and brings us closer to transforming the treatment of solid tumors without the need for surgery.' Dr. William C. Huang, MD FACS, Professor and Vice Chair of Urology at the NYU Grossman School of Medicine serves as a principal investigator at the NYU Langone Medical Center, the top enrolling site in the trial. Dr. Huang commented, 'Histotripsy offers a novel, completely non-invasive treatment paradigm for kidney tumors that precisely images and treats tumors while preserving surrounding critical structures thereby minimizing the morbidity associated with traditional surgical and thermal ablative techniques.' Dr. Michael McDonald, Assistant Professor of Urology at the University of Central Florida College of Medicine and Urologic Surgeon at AdventHealth at Celebration Florida, serves as a principal investigator for one of the participating sites in the trial. Dr. McDonald commented, 'HistoSonics represents a paradigm shift proving that the most profound treatments for both benign and malignant diseases need not be the most invasive. The ability to precisely target and destroy tumors without scalpel or scar is the next step in the evolution of non-surgical intervention.' The Edison System has not been evaluated for the treatment of any specific disease, including, but not limited to, cancer or evaluated any specific cancer outcomes (such as local tumour progression, 5-year survival or overall survival). United States Intended Use Statement: The Edison System is intended for the non-invasive mechanical destruction of liver tumors, including the partial or complete destruction of unresectable liver tumors via histotripsy. The FDA has not evaluated the Edison System for the treatment of any disease including, but not limited to, cancer or evaluated any specific cancer outcomes (such as local tumor progression, 5-year survival or overall survival). The System should only be used by physicians who have completed training performed by HistoSonics, and its use guided by the clinical judgment of an appropriately trained physician. Refer to the device Instructions for Use for a complete list of warnings, precautions, and a summary of clinical trial results, including reported adverse events. About HistoSonics HistoSonics is a privately held medical device company developing a non-invasive platform and proprietary sonic beam therapy utilizing the science of histotripsy, a novel mechanism of action that uses focused ultrasound to mechanically destroy and liquify unwanted tissue and tumors. The company is currently focused on commercializing their Edison System in the US and select global markets for liver treatment while expanding histotripsy applications into other organs like kidney, pancreas, prostate, and others. HistoSonics has offices in Ann Arbor, Michigan and Minneapolis, MN. For more information on the Edison Histotripsy System please visit: For patient-related information please visit:
