We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (22,088)
  • Industry Conferences (2)
  • Industry Job Openings (3)
  • Moore on the Market (492)
  • Negative Media (144)
  • Positive Media (73)
  • Sheryl's Articles (827)
  • Wink's Articles (376)
  • Wink's Inside Story (284)
  • Wink's Press Releases (129)
  • Blog Archives

  • December 2024
  • November 2024
  • October 2024
  • September 2024
  • August 2024
  • July 2024
  • June 2024
  • May 2024
  • April 2024
  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • September 2008
  • May 2008
  • February 2008
  • August 2006
  • AM Best Affirms Credit Ratings of Nationwide Mutual Insurance Company and Its Key Operating Subsidiaries

    November 13, 2024 by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of the members of Nationwide Property and Casualty Group (Nationwide P&C Group). Concurrently, AM Best has affirmed the FSR of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) of Nationwide Life Insurance Company and its subsidiaries, Nationwide Life and Annuity Insurance Company and Jefferson National Life Insurance Company. These companies are the key life/annuity subsidiaries of Nationwide Financial Services Inc. (NFS), and collectively known as Nationwide Life Group.

    Additionally, AM Best has affirmed the Long-Term ICR of “a-” (Excellent) of NFS and all of its existing Long-Term Issue Credit Ratings (Long-Term IRs). In addition, AM Best has affirmed the Long-Term IRs of “a-” (Excellent) of the surplus notes issued by Nationwide Mutual Insurance Company. Finally, AM Best has affirmed the FSR of B++ (Good) and the Long-Term ICR of “bbb” (Good) of Titan Insurance Company (Titan). The outlook of all these Credit Ratings (ratings) is stable. All companies are headquartered in Columbus, OH, unless otherwise specified. (See link below for a detailed listing of all the companies and ratings.)

    The ratings of Nationwide P&C Group reflect its balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management (ERM). Following several years of material underwriting and operating losses, the group saw significant improvement in operating results through the first nine months of 2024 due to higher rates and selective non-renewals of unprofitable blocks of business. Additionally, the organization has implemented certain expense savings, which contributed to improved results. Nationwide P&C Group’s strategy is to reposition its personal and commercial lines of business toward profitability and put more focus on expanding its specialized products. While this strategy will reduce Nationwide’s footprint and weaken its market share in the near term, the brand recognition remains strong, and in the longer term, the organization intends to achieve profitable business growth in all P&C lines. The balance sheet assessment reflects Nationwide P&C Group’s very strong risk-adjusted capital position as measured by Best’s Capital Adequacy Ratio (BCAR), as well as its well-managed, diverse investment portfolio. AM Best notes that the group’s overall liquidity and financial flexibility remains more than adequate, despite pressures within certain property/casualty lines of business, which have led to more moderate growth in capital in recent years.

    The ratings of Nationwide Life Group reflect its balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, favorable business profile and appropriate ERM. The group’s balance sheet assessment remains anchored by its risk-adjusted capitalization at the strongest level, as measured by BCAR. AM Best notes that Nationwide Life Group’s quality of surplus is somewhat lower given the usage of affiliated surplus notes, as well as captive insurers, which provide support of certain redundant reserving needs within the capital structure. However, the assessment acknowledges that the group has grown surplus at a rate well above the life industry average over the last five-year period. Nationwide Life Group’s operating performance continues to reflect its diverse product portfolio and geographic reach. Through the first three quarters of 2024, top line growth was favorable and exceeded company projections primarily by increased market demand for fixed products. Operating results, which are expected to remain strong through the end of 2024, have been a major source of earnings for the overall enterprise over recent years. The organization continues to benefit from its favorable market position among the leading providers of retirement plans, as well as being the top 10 carrier in core life and annuity markets. Several new large distribution arrangements contributed to robust growth over the last two years.

    The ratings of Titan reflect its balance sheet strength, which AM Best assesses as adequate, as well as its marginal operating performance, limited business profile and appropriate ERM. Titan serves a focused target market with distinct dynamics for the benefit of the Nationwide enterprise.

    complete listing of Nationwide’s FSRs, Long-Term ICRs and Long-Term IRs also is available.

    This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

    AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

    Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

    Contacts

    David Marek
    Associate Director
    +1 908 882 1924
    david.marek@ambest.com

    Christopher Sharkey
    Associate Director, Public Relations
    +1 908 882 2310
    christopher.sharkey@ambest.com

    Doniella Pliss
    Director
    +1 908 882 2245
    doniella.pliss@ambest.com

    Al Slavin
    Senior Public Relations Specialist
    +1 908 882 2318
    al.slavin@ambest.com

    Originally Posted at Business Wire on November 7, 2024 by AM Best.

    Categories: Industry Articles
    currency