AM Best improves credit rating of National Independent Truckers Insurance Company issuer, A RRG

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OLDWICK, New Jersey – (COMMERCIAL THREAD) –AM Best raised the issuer’s long-term credit rating (long-term ICR) to “bbb +” (good) from “bbb” (good) and confirmed the financial strength rating (FSR) of B ++ (good) of National Independent Truckers Insurance Company, A RRG (NITIC) (Charleston, SC). The outlook for the long-term ICR has been revised from positive to stable, while the outlook for the FSR is stable.

Credit ratings reflect the strength of NITIC’s balance sheet, which AM Best believes to be strong, as well as its adequate operational performance, limited business profile and appropriate enterprise risk management (ERM).

The long-term ICR upgrade reflects the continued improvement in the strength of NITIC’s overall balance sheet. NITIC has maintained the highest level of risk-adjusted capitalization in several years, as measured by Best’s capital adequacy ratio (BCAR), while maintaining its conservative underwriting leverage ratios over the past period five years. The surplus has grown in each of the past five years, driven by strong underwriting results supplemented by consistent investment income from a conservatively invested portfolio and annual capital contributions per unit of funds. members. In total, the surplus has grown by 34% over the past five years and continues to grow in 2021.

The proper assessment of operating performance reflects favorable underwriting revenues over four of the past five years, with moderate variability as an underwriter in a high frequency and serious line of business that has been difficult to maintain. many subscribers. The business profile remains limited as NITIC has a geographic focus in two states with a single industry, and AM Best considers the company’s ERM assessment to be appropriate for the size and scope of its operations.

The stable outlook reflects NITIC’s strong overall balance sheet resulting from prudent risk management and AM Best’s expectations that the company will maintain its risk-adjusted capital position and operational performance.

This press release relates to credit ratings published on the AM Best website. For all rating information relating to the publication and relevant disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this publication, please see AM Best’s Recent Rating Activity webpage. . For more information on the use and limitations of credit rating reviews, please see Best’s Guide to Credit Ratings. For more information on the proper use of Best Credit Ratings, Best Preliminary Credit Ratings, and AM Best press releases, please see the Guide to Appropriate Use of Best Ratings and Ratings.

AM Best is a global credit rating agency, news publisher, and data analytics provider specializing in the insurance industry. Based in the United States, the company operates in more than 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2021 by AM Best Rating Services, Inc. and / or its affiliates. ALL RIGHTS RESERVED.


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