American West’s upgrade is a result of its trend of favorable underwriting income in recent years, resulting in steady surplus growth in each of the past four years and a strong balance sheet. It also benefits from the explicit and implicit support of the Nodak group as it is fully integrated in the group’s enterprise risk management framework and is protected by the group’s extensive reinsurance program. Partially offsetting these positive rating factors are the company’s geographic concentration of risk and limited product offerings. Business is produced in
The affirmation of the ratings and continuation of the positive Long-Term ICR outlook on Nodak is a result of the group’s solid risk-adjusted capitalization, positive operating results and market profile as one the leading writers of property/casualty insurance in
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