The NAMIC Insurance Company (NAMICO), which is also based in Indiana, seems to be doing considerably better than Conseco. A.M. Best recently upgraded the mutual insurer’s financial strength rating to ‘A’ (Excellent) from ‘A-‘ (Excellent).
The company, which is part of the National Association of Mutual insurance Companies (NAMIC), is licensed to write all property and casualty lines of business, but is limited by its Articles of Incorporation to professional liability coverages. In 1997, the Company was authorized by its shareholders to reinsure a fidelity bond program designed exclusively for mutual insurance companies.
Commenting on the upgrade Jerry D. Wollam, President and CEO, stated that “NAMICO is very pleased about its rating upgrade from A.M. Best, but we are most delighted with the extremely positive comments that they made while assigning our rating. A.M. Best not only acknowledged our excellent capitalization and targeted marketing approach, but also recognized that a major component of our success is the relationship we develop with our insureds.”
“The rating upgrade will serve as a strong reminder to our insureds that they have partnered with a company that has excellent financial strength, product expertise, and market stability,” Wollam continued.
“Best’s rating also acknowledges that NAMICO’s policyholder surplus is sufficient to withstand significant claim activities without impacting financial strength.”
He also pointed out that “Best’s indicated it expects that NAMICO will continue to grow its surplus primarily through favorable operating earnings.”
NAMIC President Larry L. Forrester, CAE, noted that “In 1987, NAMIC was faced with the difficult challenge of addressing the availability of professional liability coverage for its member companies. Our members stepped forward and capitalized NAMICO and then extended additional capacity through a reinsurance facility within NAMICO. Without their vision and pioneering spirit, NAMICO could not have achieved this outstanding level of success.”
“A most gratifying sign of excellence is Best’s belief that NAMICO is well-positioned to sustain long-term profitability,” Wollam continued. “For more than 15 years, NAMICO has insured the future of mutual insurance by providing something missing in the business insurance marketplace: committed underwriting and stability. As the largest writer of directors & officers liability and professional liability for mutual insurance companies in the United States, NAMICO’s knowledge and experience in the mutual insurance industry uniquely qualifies it as an industry leader and innovator in the market.”
Topics Professional Liability
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