A.M. Best Affirms Ratings of National Security Group, Omega One Insurance and National Security Insurance
February 23 2007 - 11:08AM
Business Wire
A.M. Best Co. has affirmed the financial strength rating (FSR) of
B++ (Good) and the issuer credit rating (ICR) of �bbb� of National
Security Fire and Casualty Company and the FSR of B+ (Good) and ICR
of �bbb-� of its wholly-owned subsidiary, Omega One Insurance
Company, Inc. (Omega One), both members of the National Security
Group (National Security). Concurrently, A.M. Best has affirmed the
FSR of B (Fair) and has assigned an ICR of �bb� to the life/health
company, National Security Insurance Company. A.M. Best has also
affirmed the ICR of �bb� of The National Security Group, Inc.
[NASDAQ: NSEC]. The outlook for all ratings is stable. All
companies are domiciled in Elba, AL. The ratings of National
Security reflect its adequate risk-adjusted capitalization and
well-established niche position as a provider of dwelling/fire
coverage in the Southeast. However, somewhat offsetting these
positive rating factors is the group�s geographic and product
concentration in the Gulf Coast states, which subjects National
Security�s earnings and surplus to weather-related catastrophes.
The ratings of Omega One acknowledge its low underwriting leverage
and favorable operating performance. Partially offsetting these
positive rating factors is the company�s geographic concentration
that leaves it susceptible to severe weather-related losses, as
well as competitive and regulatory pressures. The ratings of
National Security Insurance Company recognize the recent decline in
its capital and surplus, fluctuating operating results and limited
geographic profile. Partially offsetting these positive attributes
are the company�s adequate level of risk-adjusted capitalization,
recent�albeit modest�growth of new premium and improved level of
persistency on its ordinary life line. For Best�s Ratings, an
overview of the rating process and rating methodologies, please
visit www.ambest.com/ratings. 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.
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