SANTA CRUZ, Calif. — (BUSINESS WIRE) — Nonprofits Insurance Alliance (NIA) received strong reviews of its financial strength and overall credit rating from AM Best, the insurance industry’s leading credit rating agency. NIA’s A (Excellent) rating is cited in the agency’s IX financial size rating category.
NIA’s three insurance entities collectively received a Financial Strength Rating of “A” (Excellent) and Issuer Credit Rating (ICR) of “a+” — a reflection of NIA’s balance sheet strength, which AM Best categorizes as “Strongest.”
NIA also received a rating of “Significant” for its innovation summary, which is based on the company’s innovation process (Innovation Inputs) and the impact of the carrier’s innovation efforts (Innovation Outputs); and was noted overall for adequate operating performance, favorable business profile, appropriate enterprise risk management, and stable outlook.
“Our strong financial foundation allows us to confidently and securely serve our growing member base and the nonprofit sector,” says Kim Aday, NIA’s CFO.
“AM Best’s continued A rating for all of our insurers is a respected validation of our sound 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, Calif.
- Alliance of Nonprofits for Insurance, Risk Retention Group (ANI), domiciled in Vermont
- National Alliance of Nonprofits for Insurance (NANI), domiciled in Vermont
About Nonprofits Insurance Alliance
Nonprofits Insurance Alliance (NIA) is the nation’s leading liability and property insurer exclusively serving nonprofit organizations.
Founded in 1989 in Santa Cruz, Calif., 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, and NIA members enjoy stable insurance prices, specialized insurance coverage, member resources, and innovative risk management.