A.M. Best Affirms Ratings of Nationwide Group.OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating (FSR (Free System Resource) In Windows 3.x, the amount of unused memory in various 64K blocks reserved for managing current applications. Every open window takes some space in this area. See Windows memory limitation. ) of A+ (Superior) and the issuer credit ratings (ICR (Intelligent Character Recognition or Image Character Recognition) The machine recognition of hand-printed characters as well as machine printing that is difficult to recognize. ) of "aa-" of the Nationwide Group (Nationwide) and its four property/casualty pool members and 22 reinsured affiliates. Concurrently, A.M. Best has affirmed the debt rating of "a" of Nationwide Mutual Insurance Company's (Nationwide Mutual) $1.1 billion in existing surplus notes. A.M. Best has also affirmed the debt rating of "a" of North Front Pass-Through Trust's $400 million in pass-through securities Pass-through securities A pool of fixed income securities backed by a package of assets (i.e., mortgages) where the holder receives the principal and interest payments. Related: Mortgage pass-through security . The FSRs and ICRs of its five life/health subsidiaries of Nationwide Financial Services, Inc. [NYSE NYSE See: New York Stock Exchange : NFS (Network File System) The file sharing protocol in a Unix network. This de facto Unix standard, which is widely known as a "distributed file system," was developed by Sun. See file sharing protocol and WebNFS. NFS - Network File System ] are unchanged by these actions. The outlook for all the above ratings is stable. All companies are domiciled in Columbus, OH. (See link below for a detailed list of the ratings.) Nationwide's ratings reflect its strong capitalization, favorable core operating results attributable to its continually evolving risk management process, which includes strict underwriting discipline, increased rates and numerous operating efficiencies implemented by management. In addition, Nationwide benefits from a diversified product offering that includes standard and specialty personal, commercial and surplus lines of business. The ratings further recognize Nationwide's market presence, multiple distribution channels and decentralized de·cen·tral·ize v. de·cen·tral·ized, de·cen·tral·iz·ing, de·cen·tral·iz·es v.tr. 1. To distribute the administrative functions or powers of (a central authority) among several local authorities. operational structure that provides superior service to agents and policyholders. A.M. Best has also affirmed the FSR of B+ (Good) and the ICR of "bbb-" of Nationwide Indemnity Company (NIC (1) (Network Interface Card) See network adapter. See also InterNIC. (2) (New Internet Computer) An earlier Linux-based computer from The New Internet Computer Company (NICC), Palo Alto, CA. ). In addition, A.M. Best has affirmed the FSR of B (Fair) and the ICR of "bb" of Nationwide Insurance Company of Florida (NICOF). The outlook for these ratings is stable. NIC is the group's run-off entity, primarily for asbestos and environmental (A&E) claims. NICOF is dedicated to writing the group's Florida homeowners' business. The NICOF ratings also consider the potential impact of certain recent legislative changes in Florida. As wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Nationwide Mutual, both NIC's and NICOF's stand-alone ratings have been enhanced to their respective levels. For a complete listing of Nationwide Group's FSRs, ICRs and debt ratings, please visit www.ambest.com/press/020506nationwide.pdf. Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the financial services industries, including the banking and insurance sectors. For more information, visit www.ambest.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion