OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has upgraded the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a+” from “a” and affirmed the Financial Strength Rating (FSR) of A (Excellent) of the insurance entities of Nonprofits Insurance Alliance Group. (See below for a detailed listing of the entities.) The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Nonprofits Insurance Alliance Group’s balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management.
The upgrade of the Long-Term ICRs reflects the group’s strong market position under experienced and passionate leadership, and product and geographic diversification benefiting the group’s favorable niche profile within the nonprofit segment throughout the United States.
AM Best believes that Nonprofits Insurance Alliance Group will continue to be a leader in the nonprofit arena while maintaining an adequate operating performance and strongest balance sheet strength without divergence from its appropriate risk profile.
While the group is well-positioned at the current rating level, downward rating pressure could occur following a declining operating performance trend, demonstrating volatility and impacting capitalization over time.
Negative rating action may occur if there is a material shift in risk profile that could lead to deterioration in operating performance.
The Long-Term ICRs have been upgraded to “a+” from “a” and the FSR of A (Excellent) affirmed with stable outlooks for the insurance entities of Nonprofits Insurance Alliance Group:
- Nonprofits Insurance Alliance of California, Inc.
- National Alliance of Nonprofits for Insurance
- Alliance of Nonprofits for Insurance, Risk Retention Group
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 Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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