Latest news with #Long-TermIssuerCreditRatings
Yahoo
3 days ago
- Business
- Yahoo
AM Best Upgrades Credit Ratings of Members of Midwest Insurance Group
OLDWICK, N.J., June 05, 2025--(BUSINESS WIRE)--AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to "a" (Excellent) from "a-" (Excellent) of Midwest Insurance Company (Springfield, IL), West River Insurance Company (Sioux Falls, SD) and Brickyard Insurance Company (Fort Wayne, IN), collectively known as Midwest Insurance Group (Midwest). The outlook of these Credit Ratings (ratings) has been revised to stable from positive. The ratings reflect Midwest'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). Midwest's balance sheet strength is supported by its strongest risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR). The group's capital position reflects consistent operating performance and a diversified, well-managed investment portfolio that provides a steady stream of net investment income, which coupled with historically strong favorable reserve development, liquidity and cash flow metrics supports the very strong balance sheet assessment. The group's operating performance has been upgraded to strong from adequate. This assessment is supported by sustained profitability in the group's underwriting results combined with increasing levels of investment income. Midwest's operating performance compares very favorably with the workers' compensation composite on a five-year and 10-year basis contributing to strong, organic growth in surplus. Additionally, return-on-revenue and return-on-equity metrics have outpaced the composite over the past five years. Midwest maintains modest business concentration risk, operating as a monoline workers' compensation insurer focusing on small- to medium-sized agency partners. As a monoline workers' compensation insurer, its limited business profile leaves it susceptible to competitive pressures in certain jurisdictions, as well as potential legislative, regulatory or judicial changes. This concern is mitigated partly by the group's strategy to ensure responsiveness to its local agency base. 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 Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Joni Cerbone Senior Financial Analyst +1 908 882 1690 Rosemarie Mirabella Director +1 908 882 2125 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 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
Business Wire
4 days ago
- Business
- Business Wire
AM Best Downgrades Credit Ratings of Nonprofits Insurance Alliance Group's Members
BUSINESS WIRE)-- AM Best has downgraded the Financial Strength Rating (FSR) to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) to 'a-' (Excellent) from 'a+' (Excellent) of Nonprofits Insurance Alliance of California, Inc. (Santa Cruz, CA), National Alliance of Nonprofits for Insurance, Inc. and Alliance of Nonprofits for Insurance, Risk Retention Group, Inc. (both of West Brookfield, VT) which all are members of Nonprofits Insurance Alliance Group (NIA or the group). The outlook of the FSR has been revised to negative from stable, while the outlook of the Long-Term ICRs is negative. The Credit Ratings (ratings) reflect NIA's balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The downgrading of these ratings reflects a decline in NIA's level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), and the increased unfavorable development of prior-year loss reserves, which led to a material decline in surplus in 2024. The adverse reserve development was experienced across several lines of business including improper sexual misconduct liability, directors' and officers' liability and commercial auto liability, which were compounded by social inflation and higher jury verdicts. In addition, due to changes in the commercial insurance market over the last five years, the group experienced substantial growth in premium, which additionally pressured its underwriting leverage metrics and resulting BCAR score. Over the last few years, NIA's management team has undertaken numerous corrective actions aimed at improving results including the non-renewal of problematic business segments, significant rate increases, revised limits, increased deductibles, as well as changes and additions to staff. Given the extent of these actions, AM Best has altered its assessment of NIA's business profile to neutral as these actions may have the potential for market disruption. Furthermore, AM Best expects that management's initiatives will take time to reverse the negative trends, as well as for metrics to return to historical norms. The negative outlook reflects AM Best's concern over the deterioration in NIA's operating performance in recent years. Prior to 2022, the group's underwriting and operating metrics maintained a high level of consistency; however, there has been deterioration in its metrics in more recent years driven by elevated loss and loss adjustment expenses. Negative rating actions may occur if there is continued deterioration in NIA's operating performance that is no longer in line with adequate performance metrics. Negative rating actions may also occur if there is continued significant adverse loss reserve development, which negatively impacts risk-adjusted capitalization or if the corrective actions taken by management fail to improve and stabilize the group's profitability metrics. While unlikely in the intermediate term, positive rating actions could occur if the group exhibits sustained organic surplus growth that is able to absorb variability in reserve development. 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.
Yahoo
4 days ago
- Business
- Yahoo
AM Best Downgrades Credit Ratings of Nonprofits Insurance Alliance Group's Members
OLDWICK, N.J., June 04, 2025--(BUSINESS WIRE)--AM Best has downgraded the Financial Strength Rating (FSR) to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) to "a-" (Excellent) from "a+" (Excellent) of Nonprofits Insurance Alliance of California, Inc. (Santa Cruz, CA), National Alliance of Nonprofits for Insurance, Inc. and Alliance of Nonprofits for Insurance, Risk Retention Group, Inc. (both of West Brookfield, VT) which all are members of Nonprofits Insurance Alliance Group (NIA or the group). The outlook of the FSR has been revised to negative from stable, while the outlook of the Long-Term ICRs is negative. The Credit Ratings (ratings) reflect NIA's balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The downgrading of these ratings reflects a decline in NIA's level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), and the increased unfavorable development of prior-year loss reserves, which led to a material decline in surplus in 2024. The adverse reserve development was experienced across several lines of business including improper sexual misconduct liability, directors' and officers' liability and commercial auto liability, which were compounded by social inflation and higher jury verdicts. In addition, due to changes in the commercial insurance market over the last five years, the group experienced substantial growth in premium, which additionally pressured its underwriting leverage metrics and resulting BCAR score. Over the last few years, NIA's management team has undertaken numerous corrective actions aimed at improving results including the non-renewal of problematic business segments, significant rate increases, revised limits, increased deductibles, as well as changes and additions to staff. Given the extent of these actions, AM Best has altered its assessment of NIA's business profile to neutral as these actions may have the potential for market disruption. Furthermore, AM Best expects that management's initiatives will take time to reverse the negative trends, as well as for metrics to return to historical norms. The negative outlook reflects AM Best's concern over the deterioration in NIA's operating performance in recent years. Prior to 2022, the group's underwriting and operating metrics maintained a high level of consistency; however, there has been deterioration in its metrics in more recent years driven by elevated loss and loss adjustment expenses. Negative rating actions may occur if there is continued deterioration in NIA's operating performance that is no longer in line with adequate performance metrics. Negative rating actions may also occur if there is continued significant adverse loss reserve development, which negatively impacts risk-adjusted capitalization or if the corrective actions taken by management fail to improve and stabilize the group's profitability metrics. While unlikely in the intermediate term, positive rating actions could occur if the group exhibits sustained organic surplus growth that is able to absorb variability in reserve development. 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 Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Luke Davies Financial Analyst +1 908 882 2467 Adrienne Stark Associate Director +1 908 882 2336 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 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
Yahoo
22-05-2025
- Business
- Yahoo
AM Best affirms ratings of Coface's main operating subsidiaries
AM Best affirms ratings of Coface's main operating subsidiaries Paris, 22 May 2025 – 18.00 The rating agency AM Best affirmed today the Financial Strength Rating (IFS rating) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of 'a+' (Excellent) of (), Coface North America Insurance Company (CNAIC) and Coface Re. The outlook for these ratings is 'stable'. In its press release, AM Best highlights that this rating reflects, 'Coface group's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favourable business profile and appropriate enterprise risk management'. This strength is underpinned by a consolidated risk-adjusted capitalization at the strongest level as measured by the Best's Capital Adequacy Ratio (BCAR) score. AM Best also believes that 'the group's prospective performance may be subject to volatility, driven by the uncertain global operating environment. However, the group is able to take prompt risk-mitigating actions on non-performing business when required' and AM Best expects 'cross-cycle performance metrics to remain supportive of the strong assessment'. Last, in its release, the rating agency underscores that this note reflects Coface's 'leading position in the global credit insurance market, which is characterised by high barriers to entry'. CONTACTS ANALYSTS / INVESTORSThomas JACQUET: +33 1 49 02 12 58 – Rina ANDRIAMIADANTSOA: +33 1 49 02 15 85 – MEDIA RELATIONSSaphia GAOUAOUI: +33 1 49 02 14 91 – BILLET: +33 1 49 02 23 63 – FINANCIAL CALENDAR 2025(subject to change)H1-2025 results: 31 July 2025 (after market close) 9M-2025 results: 3 November 2025 (after market close) FINANCIAL INFORMATIONThis press release, as well as COFACE SA's integral regulatory information, can be found on the Group's website: For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2024 and our 2024 Universal Registration Document (see part 3.7 'Key financial performance indicators'). Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by can check the authenticity on the website COFACE: FOR TRADEAs a global leading player in trade credit risk management for more than 75 years, Coface helps companies grow and navigate in an uncertain and volatile environment. Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets. In 2024, Coface employed ~5,236 people and registered a turnover of €1.84 billion. COFACE SA is quoted in Compartment A of Euronext ParisCode ISIN: FR0010667147 / Ticker: COFA DISCLAIMER - Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 'Main risk factors and their management within the Group' of the Coface Group's 2024 Universal Registration Document filed with AMF on 5 April 2024 under the number D.25-0227 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group's businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance. Attachment 2025 05 22 AM Best affirms ratings of Coface's main operating subsidiaries
Business Wire
20-05-2025
- Business
- Business Wire
AM Best Downgrades Issuer Credit Ratings of Members of Nodak Insurance Group and NI Holdings, Inc.
BUSINESS WIRE)-- AM Best has downgraded the Long-Term Issuer Credit Ratings (Long-Term ICR) to 'a' (Excellent) from 'a+' (Excellent) and affirmed the Financial Strength Rating (FSR) of A (Excellent) of the members of Nodak Insurance Group (Nodak). The outlook of the Long-Term ICRs has been revised to stable from negative, while the outlook of the FSR is stable. Concurrently, AM Best has downgraded the Long-Term ICR to 'bbb' (Good) from 'bbb+' (Good) of NI Holdings, Inc. (Fargo, ND) [NASDAQ: NODK], a publicly traded holding company. The outlook of this Credit Rating (rating) has been revised to stable from negative. (See below for a full listing of companies and ratings.) The ratings reflect Nodak's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The downgrade of the Long-Term ICRs reflects the volatility in Nodak's operating results over the most recent five-year period. This has been driven by weather-related losses and inflationary pressures on rising loss costs, and more recently, adverse trends in the non-standard auto lines and prior-year reserve development associated with these trends. Furthermore, the group suffered challenges with its commercial habitational lines of business over recent years through its previously owned company, Westminster American Insurance Company, which contributed to the volatile results of the Nodak pool. As of June 30, 2024, NI Holdings, Inc. sold that company and subsequently removed it as a member of the pool. The group reported its highest combined ratio over the past five-year period, 118.5%, in 2022. Although operating results have shown relative improvement since this time, Nodak has fallen out of alignment with companies that maintain a strong operating performance assessment. Its five-year average pre-tax and total returns on revenue and equity fall short of the private passenger standard auto and homeowners industry composite, and on a statutory basis, the group's combined ratio has been above break-even in four consecutive years. Management continues to address the volatility through sizable rate increases, underwriting revisions, and strategic non-renewals in underperforming lines of business, with a renewed focus on its core lines of business in the Midwestern region of the United States. AM Best expects that these efforts will impact the group's results favorably, affording Nodak the ability to perform comfortably in alignment with the adequate operating performance assessment level. The Long-Term ICRs have been downgraded to 'a' (Excellent) from 'a+' (Excellent) and the FSR of A (Excellent) has been affirmed, with the outlook of the Long-Term ICRs revised to stable from negative and the outlook of the FSR at stable for the following members of the Nodak Insurance Group: American West Insurance Company Battle Creek Insurance Company Direct Auto Insurance Company Nodak Insurance Company Primero Insurance Company 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.
