OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a” (Excellent) to NLADA Mutual Insurance Company, a Risk Retention Group (NLADA Mutual) (District of Columbia). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect NLADA Mutual’s inclusion as a member company in MLM Group, which has a consolidated balance sheet strength assessed as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The ratings also reflect NLADA Mutual’s role as an affiliate of Minnesota Lawyers Mutual Insurance Company (MLMIC), the lead company of MLM Group. NLADA Mutual benefits from explicit support it received from MLMIC through capital support from a surplus note; the implementation of a quota share reinsurance agreement; operational support through a management servicing agreement and participation of a MLMIC executive on the board of directors. Additionally, the ratings reflect NLADA Mutual’s role and importance to MLM Group as a provider of specialty insurance products to entities associated with the legal profession throughout the United States.
This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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