A.M. Best has affirmed the financial strength rating (FSR) of “A” (Excellent) and issuer credit ratings (ICR) of “a” of the members of Nonprofits Insurance Alliance Group (NIAG).
The ratings apply to Alliance of Nonprofits of Insurance Risk Retention Group (ANI) and National Alliance of Nonprofits for insurance (NANI), both domiciled in Montpelier, Vermont and Nonprofits Insurance Alliance of California (NIAC).
The outlook for all ratings is stable.
The ratings reflect the group’s operating performance and strong management. In addition to excellent capitalisation and niche market strategy.
“A.M. Best considers that ANI, NANI and NIAC function as a group, with the common mission of serving nonprofit organisations through common management (human resources, information technology and administration), underwriting, marketing, claims and risk management services provided by Alliance Member Services,” said a statement from the ratings firm.
Partially offsetting these positive rating factors are the companies’ limited size and the challenges associated with geographical expansion and establishing market positions.