This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

A.M. Best Affirms Ratings Of The National Security Group, Inc. And Its Subsidiaries; Revises Outlook Of NSIC To Positive

A.M. Best Co. has affirmed the financial strength rating (FSR) of B++ (Good) and issuer credit ratings (ICR) of “bbb” of National Security Group (National Security) and its member, National Security Fire and Casualty Company. A.M. Best also has affirmed the ICR of “bb” of National Security’s parent company, The National Security Group, Inc. (Wilmington, DE) [NASDAQ: NSEC]. The outlook for these ratings is negative.

Additionally, A.M. Best has affirmed the FSR of B+ (Good) and ICR of “bbb-” of National Security’s wholly owned subsidiary, Omega One Insurance Company, Inc (Omega One). The outlook for both ratings is stable.

Concurrently, A.M. Best has revised the outlook to positive from stable and affirmed the FSR of B (Fair) and ICR of “bb+” of the group’s life/health company, National Security Insurance Company (NSIC). All companies are domiciled in Elba, AL, except where specified.

The ratings of National Security reflect its adequate risk-adjusted capitalization, generally positive earnings, established niche position as a provider of dwelling/fire coverage and the actions taken by management to reduce exposure to catastrophic losses and improve earnings.

These positive rating factors are offset in part by the group’s concentration in property and auto lines of business in the Gulf Coast states and its low per risk retention that subjects earnings to underwriting volatility and exposes surplus to severe weather-related events. Although capitalization and earnings have improved over the last two years, A.M. Best is maintaining a negative outlook on the ratings due to uncertainty regarding the group’s exposure to legal actions being taken against The National Security Group, Inc. regarding its sale of shares in Mobile Attic Inc. in 2007.

The ratings of Omega One acknowledge its sound capitalization and historically favorable operating performance, partially offset by recent strong growth in the Louisiana non-standard auto market, negative earnings trend and limited business profile.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,528.03 -114.98 -0.69%
S&P 500 1,972.18 -16.69 -0.84%
NASDAQ 4,776.5080 -51.8170 -1.07%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs