NASW Insurance Company Has One of the Highest Ratings Issued by A.M. Best
Frederick, Maryland (June 5, 2013) — NASW Assurance Services, Inc. (ASI) is pleased to announce that its subsidiary corporation, NASW Insurance Company (NASWIC), has been rated among the highest in the nation by the world’s largest, most authoritative and longest-established company devoted to issuing financial strength ratings to insurance organizations.
A.M. Best Company, a worldwide credit rating organization dedicated to assessing the financial strength and creditworthiness of risk-bearing entities, has issued an ‘Excellent’ financial strength rating to NASWIC.
This rating reflects its strong capital position, underwriting profitability, and favorable experience in providing social worker professional liability insurance products. Additional factors supporting the ratings include the company’s role in providing risk management and continuing education for members of the National Association of Social Workers, who are the beneficiaries of NASWIC’s coverage. A.M. Best’s expectation is that NASWIC will continue its stable operating performance, prudent cycle management, and balance sheet strength.
“A top rating like this from A.M. Best Company puts us in the same league as some of the leading insurance companies. I think this speaks volumes about the stability and future commitment to the NASW-Endorsed Professional Liability Insurance Program.” says Tony Benedetto, Chief Executive Officer, NASW Assurance Services, Inc.
NASWIC, created and overseen by social workers, was incorporated to operate as a reinsurance captive company for the professional liability insurance program as a vital part of ASI’s continuous efforts to provide value and quality products to NASW members. Unlike most insurance companies that focus mainly on creating profits, ASI’s priority is to focus on what’s best for NASW members.
“We strive to have the best benefits and coverage for social workers and this rating confirms we are on a solid financial ground as well.” says Benedetto.
ASI offers a high-quality product with very attractive benefits designed to meet the specific needs of NASW members at a competitive price for the value. ASI advocates for members in ways that make a real difference, like operating at significantly lower administrative costs than major competitors in order to keep premium down and customizing benefits to stay current with the needs of members and the social work profession.
ASI continues to expand efforts to give back to members and add value to NASW membership through valuable insurance coverage, risk management tools, and relevant professional resources supporting members personally and professionally.
The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology