A.M. Best Affirms Rating of NCRIC, Inc.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--May 3, 2004 A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) of NCRIC NCRIC National Chemical Response and Information Center NCRIC National Center for Refugee and Immigrant Children , Inc. (Washington, DC), a subsidiary of NCRIC Group, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : NCRI NCRI National Council of Resistance of Iran NCRI National Cereals Research Institute (Nigeria) ). The rating outlook is stable. The rating affirmation of NCRIC, Inc. reflects its excellent risk-adjusted capitalization, historically favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. operating profitability and leadership position in providing medical professional liability insurance to individual and groups of physicians and ancillary health care providers throughout the Mid-Atlantic region. These positive rating factors are offset by the rise in claims severity, increases in the cost of defending claims and substantial growth in new exposures, as well as recent adverse loss reserve development and the resulting decline in operating profitability. Given management's evolving underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. actions to restore operating profitability, financial flexibility of its publicly-traded parent, NCRIC Group, Inc.--which maintains favorable financial leverage and coverage ratios--and A.M. Best's expectation that the company will achieve its near-term financial projections, the rating outlook assigned is stable. Concurrently, A.M. Best has revised the financial strength rating to an NR-5 (Not Formally Followed) from A- (Excellent) of NCRIC Group ensuing en·sue intr.v. en·sued, en·su·ing, en·sues 1. To follow as a consequence or result. See Synonyms at follow. 2. To take place subsequently. the December 31, 2003, merger of Commonwealth Medical Liability Insurance Company into NCRIC, Inc. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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