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AM Best Affirms Financial Strength Rating of A (Excellent) of Nonprofits Insurance Alliance (NIA) for 2020AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Issuer Credit Rating (ICP) of "a+" of the insurance entities of Nonprofits Insurance Alliance (NIA). The ratings reflect NIA's balance sheet strength, which AM Best categorizes as strongest, as well as NIA's adequate operating performance, favorable business profile, appropriate enterprise risk management, and stable outlook. In addition, AM Best assigned a rating of Significant for its assessment of NIA's innovation summary. NIA's group brand includes Nonprofits Insurance Alliance of California (NIAC), based in Santa Cruz, CA (News - Alert); Alliance of Nonprofits for Insurance, Risk Retention Group (ANI), domiciled in Vermont; and National Alliance of Nonprofits for Insurance (NANI), also domiciled in Vermont. All NIA organizations are administrated by Alliance Member Services and serve nonprofit organizations through specialized insurance coverages and exceptional risk management and loss control resources. All insurers in the group are 501(c)(3) nonprofits. Starting in 2020, AM Best is evaluating a carrier's innovation level based on two elements: (1) innovation inputs, the components of a company's innovation process; and (2) innovation outputs, the impact of the carrier's innovation efforts. The resulting assessment is the sum of both elements. NIA received an assessment of Significant (higher than Minimal and Moderate), well above the lower end that AM Best expected most carriers would score (Scoring and Assessing Innovation, AM Best, March 5, 2020). In 2020, NIA announced several pace-setting insurance coverages for nonprofits including:
With 21,000+ members and a 30+ year history of insuring only 501(c)(3) organizations, NIA has developed an unparalleled track record of serving the sector. The organization provides insurance in 32 states and the District of Columbia. Through expertise in underwriting nonprofits, NIA provides member-insureds with stably-priced liability and property insurance in a hardening market where 501(c)(3) nonprofit organizations are experiencing an affordability and availability crisis. Through its long-term commitment to its members and the nonprofit sector, NIA is truly differentiated from its competitors. About Nonprofits Insurance Alliance Nonprofits Insurance Alliance (NIA) is the nation's leading property and casualty insurer exclusively serving nonprofit organizations. Founded in 1989 in Santa Cruz, CA, NIA is a social enterprise developing the long-term sustainability of the nonprofit sector. NIA has one of the best customer retention rates in the industry. NIA members enjoy stably-priced insurance, innovative insurance coverages, dividends, and specialized risk management and member services. The NIA group brand is comprised of Alliance Member Services (AMS (News - Alert)) and three AM Best A VIII (Excellent) rated insurers: Nonprofits Insurance Alliance of California (NIAC), Alliance of Nonprofits for Insurance, RRG (ANI), and National Alliance of Nonprofits for Insurance (NANI). All organizations under the NIA brand are 501(c)(3) nonprofits. Learn more about Nonprofits Insurance Alliance at insurancefornonprofits.org/about.
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