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FOR IMMEDIATE RELEASE
OLDWICK - JANUARY 22, 2021 09:13 AM (EST)
AM Best has removed from under review with positive implications and upgraded the Financial Strength Rating to A+ (Superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “aa-” of Nationwide Indemnity Company (Nationwide Indemnity) (Columbus, OH). The outlook assigned to these Credit Ratings (ratings) is stable. With this action, Nationwide Indemnity is a new member of the Nationwide Group.
The ratings of Nationwide Indemnity reflect the consolidated balance sheet strength of Nationwide Group, which AM Best categorizes as strongest, as well as its marginal operating performance, favorable business profile and appropriate enterprise risk management (ERM). These ratings also consider the breadth of resources of the organization as reflected in the consolidated results of the enterprise.
This ratings action considers Nationwide Indemnity’s inclusion in an intercompany pooling agreement, which consists of the affiliated insurance entities within the Nationwide organization. This agreement was updated to include Nationwide Indemnity, effective Jan. 1, 2021.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.