A.M. Best Affirms Credit Ratings of National Guaranty Insurance Company of Vermont
May 25 2017 - 2:41PM
Business Wire
A.M. Best has affirmed the Financial Strength Rating of
A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of
National Guaranty Insurance Company of Vermont (NGIC)
(Burlington, VT). The outlook of these Credit Ratings (ratings) is
stable.
The ratings of NGIC reflect its excellent risk-adjusted
capitalization, operating performance and liquidity positions, as
well as its sophisticated risk management strategy and practices,
conservative investment strategy, its management team’s extended
experience in the industry and the operational control of its
parent, Waste Management, Inc. (WM) [NYSE:WM].
Partially offsetting these positive rating factors is that a
large percentage of NGIC’s surplus is loaned back to WM, which is
supported by a 24-hour demand note. However, capital levels at NGIC
are monitored by the Vermont Department of Financial Regulation,
which requires the company to maintain a certain aggregate exposure
to capital ratio.
A.M. Best views the management and corporate strategy as
strengthening to the ratings, given NGIC’s conservative
underwriting, operational goals and transparency. A.M. Best views
NGIC’s enterprise risk management practices as strong given the
impact on the conservative risk culture, defined risk controls and
its capital and surplus. Other factors A.M. Best considered in the
ratings process include, but are not limited to, the geographical
diversification, the support and commitment of WM to NGIC, as well
as NGIC’s mission.
The company’s ratings and outlooks are not expected to be
upgraded within the next 12-24 months as the company’s operating
performance and capital position have already been considered in
the ratings process. A.M. Best could lower the ratings or outlooks
if the company’s balance sheet strength deteriorates to a level
that doesn’t support its risks. A significant change in the
company’s risk profile or in its parent’s financial condition would
also impact its rating.
A.M. Best remains the leading rating agency of alternative risk
transfer entities, with more than 200 such vehicles rated in the
United States and throughout the world. For current Best’s Credit
Ratings and independent data on the captive and alternative risk
transfer insurance market, please visit www.ambest.com/captive.
This press release relates to Credit Ratings that have been
published on A.M. Best’s website. For all rating information
relating to the release and pertinent disclosures, including
details of the office responsible for issuing each of the
individual ratings referenced in this release, please see A.M.
Best’s Recent Rating Activity web page. For
additional information regarding the use and limitations of Credit
Rating opinions, please view Understanding Best’s Credit
Ratings. For information on the proper media use of Best’s
Credit Ratings and A.M. Best press releases, please view
Guide for Media - Proper Use of Best’s Credit Ratings and A.M.
Best Rating Action Press Releases.
A.M. Best is the world’s oldest and most authoritative
insurance rating and information source. For more information,
visit www.ambest.com.
Copyright © 2017 by A.M. Best Rating
Services, Inc. and/or its subsidiaries. ALL RIGHTS
RESERVED.
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version on businesswire.com: http://www.businesswire.com/news/home/20170525005951/en/
A.M. BestEdward J. Zonenberg, +1-908-439-2200, ext.
5135Senior Financial
Analystedward.zonenbreg@ambest.comorGary Davis,
+1-908-439-2200, ext.
5665Directorgary.davis@ambest.comorChristopher Sharkey,
+1-908-439-2200, ext. 5159Manager, Public
Relationschristopher.sharkey@ambest.comorJim Peavy,
+1-908-439-2200, ext. 5644Director, Public
Relationsjames.peavy@ambest.com
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