A.M. Best Revises Outlooks to Negative for Nationwide Mutual Insurance Company and Its Property/Casualty Subsidiaries
Concurrently,
Additionally,
All companies are headquartered in
Nationwide’s ratings reflect its strong level of risk-adjusted capitalization, which continues to be supportive of its ratings. Nationwide also features a superior business profile with diversified product offerings across personal and commercial lines, multiple integrated distribution channels and a wide geographic spread of risks with a market leadership position and presence across
While
Regarding future rating movement for Nationwide, if trends in underwriting performance continue to be unprofitable in the near term, leading to notable decline in risk-adjusted capitalization, further downward rating pressure will be considered. Conversely, an established improving trend in underwriting profitability could eventually lead to a stable outlook.
The ratings of NIC reflect its role as a receptacle for asbestos and environmental reserves, as well as the support it receives from its parent, Nationwide Mutual. Regarding future rating movement, downward rating pressure could result if significant adverse development on Indemnity losses negatively impacts risk-adjusted capitalization, or if the level of parental support from Nationwide Mutual diminishes.
The rating affirmations of
These strengths are partially offset by its business profile that maintains a significant portion of liabilities that have high equity market and interest rate sensitivity. While
A positive rating action for the companies that comprise the
For a complete listing of the
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and
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