SANTA CRUZ, Calif. — (BUSINESS WIRE) — Nonprofits Insurance Alliance (NIA) once again received strong reviews of its financial strength and overall credit rating from AM Best, the insurance industry’s leading credit rating agency.
NIA’s three insurance entities collectively received a Financial Strength Rating of “A (Excellent)” and an Issuer Credit Rating (ICP) of “a+” — a reflection of NIA’s balance sheet strength, which AM Best categorizes as “Strongest.”
AM Best also cited NIA’s adequate operating performance, favorable business profile, appropriate enterprise risk management, and stable outlook.
In addition, AM Best assigned a rating of “Significant” for its assessment of NIA’s innovation summary, based on the sum of the components of a company’s innovation process (Innovation Inputs) and the impact of the carrier’s innovation efforts (Innovation Outputs).
“Our financial foundation provides us with the long-term strength to serve our growing member base and the nonprofit sector,” said Kim Aday, NIA’s CFO. “AM Best’s reiteration of its rating for all of our insurers is an excellent validation of our business strategy, underwriting, and claims management.”
NIA’s group brand includes the following insurers, all of which are 501(c)(3) nonprofits:
- Nonprofits Insurance Alliance of California (NIAC), based in Santa Cruz, California
- Alliance of Nonprofits for Insurance, Risk Retention Group (ANI), domiciled in Vermont
- National Alliance of Nonprofits for Insurance (NANI), also domiciled in Vermont
To learn more about AM Best’s rating criteria, visit https://www.ambest.com/ratings/index.html
About Nonprofits Insurance Alliance (NIA):
Nonprofits Insurance Alliance (NIA) is the nation’s leading liability and property insurer exclusively serving nonprofit organizations.
Founded in 1989 in Santa Cruz, CA, NIA is a social enterprise developing the long-term sustainability of the nonprofit sector. NIA has one of the best customer retention rates in the industry.
NIA members enjoy stably priced insurance, specialized insurance coverages, dividends and innovative risk management and member resources.
The NIA group brand is comprised of Alliance Member Services (AMS) and three insurers rated A (Excellent) by AM Best: Nonprofits Insurance Alliance of California (NIAC), Alliance of Nonprofits for Insurance, RRG (ANI), and National Alliance of Nonprofits for Insurance (NANI).
All organizations under the NIA brand are 501(c)(3) nonprofits.
Learn more about Nonprofits Insurance Alliance at insurancefornonprofits.org/about.
