Latest news with #NJM
Yahoo
10-06-2025
- Automotive
- Yahoo
NJM Insurance Group Named Best Auto Insurer in the Mid-Atlantic Region for Customer Satisfaction by J.D. Power
WEST TRENTON, N.J., June 10, 2025 /PRNewswire/ -- NJM Insurance Group has ranked #1 in the Mid-Atlantic Region in the J.D. Power 2025 U.S. Auto Insurance Study (AIS). NJM's score of 721 (on a 1,000-point scale) is 65 points higher than the regional average. The J.D. Power 2025 U.S. Auto Insurance Study measures customer satisfaction based on seven core dimensions: level of trust, price for coverage, people, ease of doing business, product/coverage offerings, problem resolution, and digital channels. NJM placed first in the region in each of the seven categories. "We are honored that J.D. Power has recognized NJM Insurance as the top auto insurer in the Mid-Atlantic region," said Mitch Livingston, NJM president and CEO. "This award reflects the trust our policyholders place in the service we provide and is a testament to the dedication of our employees, who work to enhance the customer experience every day." In 2024, NJM received the J.D. Power Auto Claims Satisfaction trophy. In addition, NJM has also earned the J.D. Power Auto Claims Certification for seven consecutive years. "Our recognition in the J.D. Power studies is significant because it is based on customer feedback," said Carol Voorhees, NJM COO. "As we continue to grow, we remain focused on listening to our policyholders and meeting their needs with the same care and attention that have guided us for over a century." About NJM Insurance Group Founded in 1913, NJM is among the Mid-Atlantic region's leading property and casualty insurers and has maintained AM Best's Financial Strength Rating of A or higher for over 90 years. The Company operates in a mutual fashion for the exclusive benefit of its policyholders and is consistently recognized for its award-winning customer service, superior claims handling, and overall customer satisfaction. NJM's personal insurance products are available direct to consumers in Connecticut, Maryland, New Jersey, Ohio, and Pennsylvania. The Company also works with a preferred network of independent agents to deliver business insurance in Connecticut, Delaware, Maryland, New Jersey, New York, and Pennsylvania. Visit to learn more. View original content to download multimedia: SOURCE NJM Insurance Group Sign in to access your portfolio
Business Wire
01-05-2025
- Automotive
- Business Wire
AM Best Revises Issuer Credit Rating Outlook to Negative for Members of NJM Insurance Group
BUSINESS WIRE)-- AM Best has revised the outlook to negative from stable for the Long-Term Issuer Credit Ratings (Long-Term ICRs) and affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term ICRs of 'aa' (Superior) of New Jersey Manufacturers Insurance Company, New Jersey Re-Insurance Company, New Jersey Indemnity Insurance Company and New Jersey Casualty Insurance Company, collectively referred to as NJM Insurance Group (NJM). The outlook of the FSR is stable. All companies are domiciled in West Trenton, NJ. The Credit Ratings (ratings) reflect NJM's balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM). The revised Long-Term ICR outlook to negative reflects the continued volatility in the group's pre and post dividend operating performance. In an effort to diversify risk, both geographically and by product, beginning in 2022, the group made significant investments in advertising and commission structure. These efforts have fueled strong direct premium growth and a decrease in the company's underwriting expense ratio with economies of scale. However, over the last several years, these investments have also combined with an industrywide rise in loss costs from an increase in the frequency of weather events and economic inflation to produce consecutive years of underwriting losses, with the largest loss occurring in 2024. In 2024, uninsured/underinsured motorists further pressured results, as more drivers either dropped coverage or carried inadequate insurance due to affordability—adding 9 points to the loss ratio. NJM's continuation of annual dividend payments to its policyholders through this period has dampened overall policyholder surplus appreciation and added an average of 9.2 points to the combined ratio in the last five years. However, management views dividends as a key retention strategy. In response to economic and loss costs volatility, NJM has implemented rate increases and tightened underwriting standards. In the absence of improvement in both pre- and post-dividend operating performance, a downgrade of the Long-Term ICR is likely. NJM's balance sheet remains in the strongest assessment as it continues to generate surplus through investments, despite underwriting losses and dividend payments. A favorable business profile reflects its strong foothold in the New Jersey auto and workers' compensation marketplace. An appropriate ERM program is maintained through strong risk appetite and tolerance statements reviewed by senior management and the board of directors. NJM also follows ORSA compliance and adopts ORSA policies as part of its ERM program. 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
30-04-2025
- Business
- Yahoo
AM Best Revises Issuer Credit Rating Outlook to Negative for Members of NJM Insurance Group
OLDWICK, N.J., April 30, 2025--(BUSINESS WIRE)--AM Best has revised the outlook to negative from stable for the Long-Term Issuer Credit Ratings (Long-Term ICRs) and affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term ICRs of "aa" (Superior) of New Jersey Manufacturers Insurance Company, New Jersey Re-Insurance Company, New Jersey Indemnity Insurance Company and New Jersey Casualty Insurance Company, collectively referred to as NJM Insurance Group (NJM). The outlook of the FSR is stable. All companies are domiciled in West Trenton, NJ. The Credit Ratings (ratings) reflect NJM's balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM). The revised Long-Term ICR outlook to negative reflects the continued volatility in the group's pre and post dividend operating performance. In an effort to diversify risk, both geographically and by product, beginning in 2022, the group made significant investments in advertising and commission structure. These efforts have fueled strong direct premium growth and a decrease in the company's underwriting expense ratio with economies of scale. However, over the last several years, these investments have also combined with an industrywide rise in loss costs from an increase in the frequency of weather events and economic inflation to produce consecutive years of underwriting losses, with the largest loss occurring in 2024. In 2024, uninsured/underinsured motorists further pressured results, as more drivers either dropped coverage or carried inadequate insurance due to affordability—adding 9 points to the loss ratio. NJM's continuation of annual dividend payments to its policyholders through this period has dampened overall policyholder surplus appreciation and added an average of 9.2 points to the combined ratio in the last five years. However, management views dividends as a key retention strategy. In response to economic and loss costs volatility, NJM has implemented rate increases and tightened underwriting standards. In the absence of improvement in both pre- and post-dividend operating performance, a downgrade of the Long-Term ICR is likely. NJM's balance sheet remains in the strongest assessment as it continues to generate surplus through investments, despite underwriting losses and dividend payments. A favorable business profile reflects its strong foothold in the New Jersey auto and workers' compensation marketplace. An appropriate ERM program is maintained through strong risk appetite and tolerance statements reviewed by senior management and the board of directors. NJM also follows ORSA compliance and adopts ORSA policies as part of its ERM program. 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 Josie Novak Financial Analyst +1 908 882 2207 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Joseph A. Burtone Director +1 908 882 1678 Al Slavin Senior Public Relations Specialist +1 908 882 2318
