AM Best Downgrades Credit Ratings of Westminster American Insurance Company; Maintains Under Review With Negative Implications Status
NI Holdings, Inc. (NODK)
US:NASDAQ Investor Relations:
niholdingsinc.com
Company Research
Source: Business Wire
OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has downgraded the Financial Strength Rating to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Rating to “a-” (Excellent) from “a+” (Excellent) of Westminster American Insurance Company (WAIC) (headquartered in Owings Mills, MD). Concurrently, AM Best has maintained the under review with negative implications status for these Credit Ratings (ratings).The ratings reflect WAIC’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).WAIC’s ratings were downgraded primarily as a result of its removal from the Nodak Insurance Group (Nodak) pool. In 2020, WAIC was acquired by NI Holdings, Inc. (NODK: Nasdaq) and subsequently added as a member of the Nodak group via a pooling agreement. The acquisition gave WAIC access to financial efficiencies provided through a larger-scaled organization. However, ef
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News
- NI Holdings, Inc. Announces Leadership ChangeGlobeNewswire
- NI Holdings Second Quarter 2024 Earnings: US$0.36 loss per share (vs US$0.38 loss in 2Q 2023) [Yahoo! Finance]Yahoo! Finance
- NI Holdings, Inc. Reports Results for Second Quarter Ended June 30, 2024GlobeNewswire
- AM Best Downgrades Credit Ratings of Westminster American Insurance Company; Maintains Under Review With Negative Implications Status [Yahoo! Finance]Yahoo! Finance
- NI Holdings closes sale of Westminster American Insurance [Yahoo! Finance]Yahoo! Finance
NODK
Sec Filings
- 9/19/24 - Form 8-K
- 8/26/24 - Form 8-K/A
- 8/15/24 - Form 8-K
- NODK's page on the SEC website