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OLDWICK, NJ – (BUSINESS WIRE) – AM Best has the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) of both subsidiaries of. confirmed Investors Title Company (ITIC) [NASDAQ: ITIC]: Title of the investor insurance company and National Investors Title Insurance Company (Austin, TX). These subsidiaries are collectively referred to as Investors title group of companies (ITC group). At the same time, AM Best has confirmed the long-term ICR of “bbb” (good) from ITIC. The outlook for these credit ratings is stable. All companies are based in Chapel Hill, NC unless otherwise noted.
The ratings reflect the balance sheet strength of the ITC Group, which AM Best rates as very strong, as well as its strong operational performance, its limited business profile and its adequate Enterprise Risk Management (ERM).
ITC Group’s balance sheet strength reflects its strong risk-adjusted capitalization as measured by Best’s capital adequacy ratio (BCAR) and robust excess growth driven by strong operating profits and conservative underwriting position. The ITC Group’s operational performance consistently outperforms the industry, driven by its below-average loss and claims settlement cost ratios. This level of performance enables him to significantly outperform his competitors in terms of return on equity and return on sales. The ITC Group’s limited business profile is primarily determined by the Group’s strong product orientation and significant geographic concentration in North Carolina and Texas. AM Best believes ITC Group’s ERM practices are appropriate as it annually assesses and critically reviews risks and creates a comprehensive list under which each risk is assigned to the appropriate employees and managers responsible for monitoring, managing and mitigating it are.
This press release relates to credit ratings published on the AM Best website. All rating information relating to the press release and relevant disclosures, including details of the individual rating entity referred to in this press release, can be found on the AM Best website for recent rating activity. For more information about the use and limitations of credit ratings, see Best’s Credit Ratings Guide. For information on how to properly use Best’s Credit Ratings, Best’s Preliminary Credit Ratings, and AM Best press releases, see the Best’s Ratings and Ratings Proper Use Guide.
AM Best is a global credit rating agency, news publisher, and data analytics provider specializing in the insurance industry. The company, headquartered in the USA, operates in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. More information is available at www.ambest.com.
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