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
The outlook of the FSR is stable while the outlook of the Long-Term ICR is negative. Concurrently, AM Best has affirmed the Long-Term ICR of 'bbb+' (Good) of
The ratings reflect Nodak's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
Nodak's operating results in 2023, while still volatile, showed improvement from the prior year given more favorable loss ratios in its core lines of business (i.e., personal auto, homeowners and farmowners). Overall results were dampened by elevated losses stemming from
To foster continued improvement in the group's results, Nodak has implemented sizable rate increases, refined its risk appetite and tightened its underwriting standards on major lines of business. Furthermore,
The FSR of A (Excellent) and the Long-Term ICRs of 'a+' (Excellent) have been affirmed, with a stable outlook for the FSR and a negative outlook for the Long-Term ICRs, for the following members of the
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