AM Best Affirms Credit Ratings of Members of Nodak Insurance Group and NI Holdings, Inc.
AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of the members of Nodak Insurance Group (Nodak). Concurrently, AM Best has affirmed the Long-Term ICR of “bbb” (Good) of NI Holdings, Inc. (NI Holdings) (Fargo, ND) [NASDAQ: NODK], a publicly traded holding company. The outlook of these Credit Ratings (ratings) is stable. (See below for a full listing of companies and ratings.)
The ratings reflect Nodak’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).
Nodak’s balance sheet strength is supported by its strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), along with its conservative investment portfolio, solid liquidity measures, and financial flexibility provided through its access to capital markets as a part of a publicly traded organization (NI Holdings). NI Holdings maintains no debt on its balance sheet and is viewed as having a neutral impact on the risk-bearing entities.
