NOVEMBER 10, 2020 04:14 PM (EST)

AM Best Revises Outlooks to Stable for Indemnity National Insurance Company


CONTACTS:
 Adib Nassery
Senior Financial Analyst
+1 908 439 2200, ext. 5205
adib.nassery@ambest.com

Brian O’Larte
Director
+1 908 439 2200, ext. 5138
brian.o’larte@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

FOR IMMEDIATE RELEASE

OLDWICK - NOVEMBER 10, 2020 04:14 PM (EST)
AM Best has revised the outlooks to stable from negative and affirmed Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Indemnity National Insurance Company (Indemnity National) (Jackson, MS).

The Credit Ratings (ratings) reflect Indemnity National’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

The revised outlooks reflect AM Best’s expectation that Indemnity National will maintain its very strong balance sheet assessment, supported by its risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). Since the company’s acquisition by KEWA Financial Inc. (KEWA) in 2017, the company reported significant premium growth, which has proved to be profitable. Even with the significant growth in premiums, Indemnity National stayed within its targeted premium leverage measures, largely driven by capital contributions totaling $60 million from KEWA. AM Best anticipates the company will continue to manage this premium growth effectively while maintaining appropriate profitability metrics.

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 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.

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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.


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