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FOR IMMEDIATE RELEASE
OLDWICK - SEPTEMBER 25, 2018 04:13 PM (EDT)
A.M. Best has affirmed the Financial Strength Rating (FSR) of B+ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb-” of National Insurance Company of Wisconsin, Inc. (NICW) (Brookfield, WI). The outlook of these Credit Ratings (ratings) remains stable. Concurrently, A.M. Best has withdrawn the ratings of NICW due to a lack of interaction with company management, as well as the limited liability structure of the organization. Consequently, the company no longer meets the minimum requirements needed to participate in A.M. Best’s interactive rating process.
The ratings reflect NICW’s balance sheet strength, which A.M. Best categorizes as very strong, as well as the company’s marginal operating performance, limited business profile and marginal enterprise risk management. The stable outlooks consider NICW’s very strong balance sheet strength assessment.
Following the final rating review, A.M. Best has decided to withdraw the ratings, largely reflecting NICW’s very limited remaining business operations. From a balance sheet perspective, loss reserves essentially were eliminated when the last of NICW’s long-term disability and long-term care reserves were reinsured over the past several years, thereby significantly reducing the remaining liability structure of the organization.
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. 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 A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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