The National Security Group, Inc. Announces That A.M. Best Affirms Financial ... MarketWatch (press release)
16.04.10
Announced that, on
April 16th, A.M. Best Co. affirmed the financial strength
rating (FSR) of B++ (Good) and issuer credit ratings (ICR) of "bb" of
The National Security Group. A.M. Best has also affirmed the FSR of B++
(Good) and the ICR of "bbb" of National Security Fire and Casualty
Company (NSFC) as well as the FSR of B+ (Good) and ICR of "bbb-" of its
wholly-owned subsidiary, Omega One Insurance Company, Inc. (Omega One).
Concurrently, A.M. Best affirmed the FSR of B (Fair) and upgraded the
ICR from "bb" to "bb+" of National Security Insurance Company. A.M. Best
maintained the negative outlook for The National Security Group and
subsidiary, National Security Fire & Casualty Company. While A.M. Best
maintained the negative outlook for The National Security Group and
subsidiary, National Security Fire & Casualty Company due to recent
underwriting volatility, it was noted that the ratings reflect adequate
risk-adjusted capital and a well-established niche position as a
provider of dwelling/fire coverage. Management continues to implement
coastal risk reductions, higher deductibles and rate increases, which
combined with a lower frequency of storm losses and rebound in the
capital markets, resulted in improved operating performance in 2009. The
outlook for Omega One Insurance Company and National Security Insurance
Company remained stable.
Source:
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