COLUMBUS, Ohio, June 22, 2015 /PRNewswire/ -- NAMIC Insurance Company, Inc. has earned a 2015 Stakeholder Team Accomplishment Recognition™ (STAR) Award from Demotech, Inc. for its operating results in 2014. A total of 2,657 Property and Casualty carriers were reviewed and analyzed, with only 29, or 1.1 percent, meeting each of Demotech's objective operating criteria. NAMIC Insurance Company, Inc. was one of only two carriers in the Regional Company Classification category to earn a 2015 STAR award.
Demotech developed the Stakeholder Team Accomplishment Recognition™ Award to identify and recognize insurers that were able to satisfy all stakeholders, not just some interested parties. To earn a 2015 STAR Award, NAMIC Insurance Company, Inc. demonstrated that:
- employees and producers benefited from a combined compensation level above the median within the Company's Classification System
- claimants benefited as measured by an accident year 2014 loss and loss adjustment expense ratio above the median within the Company's Classification System category
- regulators and consumers benefited from a strong balance sheet and relative financial stability
- reinsurers benefited due to the relative stability between the Company's net and ceded loss and loss adjustment expense ratios
- overall profitability was in the top third of the Company Classification System category, measured by return on net admitted assets
- March 31, 2015, operating results confirmed that the reported year-end 2014 results were realistic and reasonable, particularly regarding our loss and loss adjustment expense reserve criteria.
About NAMIC Insurance Company, Inc.
NAMIC Insurance Company, Inc. (NAMICO) was organized by the mutual insurance company members of the National Association of Mutual Insurance Companies (NAMIC), in response to the lack of availability and affordability of Directors & Officers (D&O) and Insurance Company Professional Liability (ICPL) insurance during the liability insurance crisis of the mid 1980's. NAMICO's mission then and now is to provide a stable long term market for professional liability coverages to NAMIC members, their appointed agents and other business partners, as well as insurance industry-related entities.
About Demotech, Inc.
Demotech, Inc. is a financial analysis firm specializing in evaluating the financial stability of regional and specialty insurers. Since 1985, Demotech has served the insurance industry by assigning accurate, reliable and proven Financial Stability Ratings® (FSRs) for Property & Casualty insurers and Title underwriters. FSRs are a leading indicator of financial stability, providing an objective baseline of the future solvency of an insurer, regardless of financial size. Visit www.demotech.com for more information.
SOURCE Demotech, Inc.