News

The global full-service credit rating organization A.M. Best Co. has upgraded the financial strength rating for Nodak Mutual Insurance Group to A- (excellent) from B++ (good). These ratings apply to Nodak Mutual Insurance Company.

This rating reflects Nodak Mutual's solid capitalization and strong market presence as a leading personal lines carrier in North Dakota. Nodak Mutual group has reported solid operating earnings driven by favorable net underwriting income and consistent net investment income, which has resulted in pre-tax operating gains in each of the last five years, said A.M. Best recently in an industry press release.

These results are primarily due to a well-executed plan by management that included reunderwriting the property book of business and successful settlement of open claims, the release concluded.

"I am pleased that A.M. Best has recognized the hard work and effort put forth by our agents and employees by upgrading our financial strength rating to A- (excellent).  Our strong financial position will allow us to focus on future growth and expansion," stated Jim Alexander, Nodak Mutual Insurance Group Executive Vice President and CEO on Wednesday's announcement.

Founded in 1899, A.M. Best is a global full service credit rating organization dedicated to serving the financial and health care service industries including insurance companies, banks, hospital and health care system providers.

Nodak Mutual Insurance Company was founded more than 60 years ago by North Dakota Farm Bureau to provide protection at a reasonable cost for members. Today Nodak Mutual serves approximately 26,000 policyholders with more than 70 agents. While leading the state in farm coverage, Nodak Mutual also ranks at the top of property and casualty insurers for North Dakota business and individuals.