OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best Co. has assigned a financial strength rating of A (Excellent) and an issuer credit rating of “a+” to NCMIC Risk Retention Group, Inc. (NCMIC RRG) (Burlington, VT). The outlook assigned to both ratings is stable.
The rating actions reflect NCMIC RRG’s role within the National Chiropractic Mutual Holding Company (NCMHC), the benefits derived from its affiliation with NCMIC Insurance Company (NIC) and its well-recognized brand, as well as the implied and explicit financial support provided by NIC via 90% quota share reinsurance, which was previously provided to NCMIC RRG effective January 1, 2013. Both NCMIC RRG and NIC are affiliated with National Chiropractic Mutual Holding Company (NCMHC).
NCMIC RRG was formed in 2013 to provide coverage, limits, policy attributes and rates substantially similar to those provided by NIC for chiropractors in selected jurisdictions where rate stability has been difficult for NCMHC to secure for its members. NCMIC RRG commenced operations by providing coverage for Florida policyholders formerly written by NIC beginning in January 2013, and will start providing similar coverage for New York policyholders in January 2014. Through contract arrangement with NCMHC, policyholders of NCMIC RRG enjoy the same service, support and benefits of mutuality as they would as members of NCMHC.
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.
The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
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