A.M. Best Co. downgraded the financial strength rating to “B+” (very good) from “B++” (very good) of Nationwide Indemnity Co. of Columbus, Ohio. The rating was placed under review with negative implications due to the significant decline in capitalization reported in the company’s third quarter financial statement.
Nationwide Indemnity strengthened reserves in the third quarter, which resulted in a reduction of surplus by approximately $300 million, contributing to the dramatic reduction in risk-adjusted capitalization.
Nationwide Indemnity is a wholly owned subsidiary of Nationwide Mutual Insurance Co. (Nationwide) also of Columbus, Ohio, and was established to run off Nationwide’s discontinued operations, including indemnity claims.
Was this article valuable?
Here are more articles you may enjoy.
Marsh McLennan Agency to Buy Fisher Brown Bottrell for About $316M 
South Carolina Ringleader Sentenced to 8 Years for Staged Accidents 
Why New York’s Attorney General Objects to Trump’s Bond Insurer 
Aon Completes $13B Acquisition of Middle-Market Broker NFP From This Issue
