A.M. Best Comments on Ratings of The National Security Group, Inc. and Its Subsidiaries
June 27 2012 - 8:26AM
Business Wire
A.M. Best Co. has commented that the financial strength
ratings (FSR) and issuer credit ratings (ICR) of the
property/casualty and life/health subsidiaries of The
National Security Group, Inc. (NSGI) (Wilmington, DE)
(NASDAQ: NSEC) are unchanged. A.M. Best also has commented that the
ICR of NSGI and the outlook for all ratings is unchanged. (See
below for a detailed listing of the companies and ratings.)
This comment follows NSGI’s June 20, 2012, filing of Form 8-K in
which it was announced that the company had reached a settlement in
the Mobile Attic litigation. Final terms of the settlement are yet
to be worked out; however, in A.M. Best’s opinion, the preliminary
terms of a structured settlement in which NSGI will pay $13 million
over the next nine years, should not have a significant adverse
affect on the financial strength of the insurance operating
companies or the financial leverage of the holding company.
A.M. Best will continue to monitor the situation as terms and
conditions of the structured settlement are finalized and
implemented.
The FSR of B++ (Good) and the ICR of “bbb” are unchanged with a
negative outlook for National Security Fire and Casualty
Company.
The FSR of B+ (Good) and the ICR of “bbb-” are unchanged with a
stable outlook for Omega One Insurance Company, Inc.
The FSR of B (Fair) and the ICR of “bb+” are unchanged with a
stable outlook for National Security Insurance Company.
The ICR of “bb” is unchanged with a negative outlook for
The National Security Group, Inc.
The methodology used in determining these ratings is Best’s
Credit Rating Methodology, which
provides a comprehensive explanation of A.M. Best’s rating process
and contains the different rating criteria employed in the rating
process. Best’s Credit Rating Methodology can be found at
www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is the world's oldest and
most authoritative insurance rating and information source. For
more information, visit www.ambest.com.
Copyright © 2012 by A.M. Best Company,
Inc. ALL RIGHTS RESERVED.
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