Westminster American Insurance Company upgraded to A.M. Best A (Excellent), FSC IX
A.M. Best, the world’s oldest insurance rating and information source, has upgraded Westminster American Insurance Company’s Financial Strength Rating (FSR) to A (Excellent). The rating upgrade for Westminster American reflects its completed sale to NI Holdings on Jan. 1, 2020 and planned execution of an inter-company pooling agreement with Nodak Insurance Group.
Pursuant to the upcoming pooling arrangement, Westminster American Insurance Company has also been assigned Nodak Insurance Group’s Financial Size Category (FSC) of IX. “While we are thrilled at the upgrade to an “A” rating, we believe our FSC IX will have the most positive effect for our policyholders and agency partners,” said John Scott, Jr., President of Westminster American Insurance Company. “Our financial size has restricted some large national lenders, equity partners and umbrella/excess insurers from accepting Westminster coverage proposals. The FSC IX will meet or exceed the financial requirements for most of these interests. We hope to revisit the real estate portfolios that were offered to Westminster in the past. Our commitment to this part of the industry remains our focus.”