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 Concurrently, A.M. Best has withdrawn the ratings of NICW due to a lack of interaction with company management, as well as the limited liability structure of the organization.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. Bests interactive rating process.
The ratings reflect NICWs balance sheet strength, which A.M. Best categorizes as very strong, as well as the companys marginal operating performance, limited business profile and marginal enterprise risk management. The stable outlooks consider NICWs very strong balance sheet strength assessment.
Following the final rating review, A.M. Best has decided to withdraw the ratings, largely reflecting NICWs very limited remaining business operations. From a balance sheet perspective, loss reserves essentially were eliminated when the last of NICWs 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. Bests 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. Bests Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Bests Credit Ratings. For information on the proper media use of Bests Credit Ratings and A.M. Best press releases, please view Guide for Media – Proper Use of Bests Credit Ratings and A.M. Best Rating Action Press Releases.
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