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FOR IMMEDIATE RELEASE
OLDWICK - AUGUST 23, 2017 12:16 PM (EDT)
A.M. Best has assigned a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” to NASW Risk Retention Group, Inc. (NASW RRG) (Washington D.C.). The outlook assigned to these Credit Ratings (ratings) is stable. Concurrently, A.M. Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” of NASW Insurance Company (NASWIC) (Washington D.C.). The outlook of these ratings is stable. NASW RRG and NASWIC are collectively referred to as NASW Insurance Group.
NASW RRG was formed in 2012 to write professional liability for members of the National Association of Social Workers (NASW), as well as social service agencies focused on social work activities. This relationship is supported by common management and strategic support for NASW and its members. In addition, explicit support has been afforded to NASW RRG through a capital infusion via surplus notes provided by NASW Assurance Services, Inc., an intermediate holding company of NASW.
The ratings of NASW Insurance Group reflects the companies’ strong risk adjusted capitalization, profitable operating performance and niche market expertise in the social worker professional liability program, which supports members of NASW.
These positive rating factors are partially offset by the group’s product concentration and generally limited operating history. Given the overall short-term experience of the key insurance coverage provided, the ultimate potential exposures may not yet be fully developed. The outlooks are based on the stability in the operating performance and a prospective review of future financial results.
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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