For the 2020/2021 year, NNAC has an ‘A’ rating for claims-paying ability, with a stable outlook, according to Global Credit Ratings (GCR).
According to the GCR report, the rating was based upon NNAC’s sound liquidity metrics, its stable investment returns and improved performance in 2020.
In response Managing Director Kalim Rajab said: “We see the reaffirmation of our ‘A’ rating as a vote of confidence in the stability of our business as well as in our management. The rating places NNAC at the top-end of its peer grouping which is something we are keen to ensure continues. At the end of the day, a company with high claims paying ability and above average protection factors in place stands a much better chance of protecting policyholders.”
He added that he expects NNAC’s profitability to continue for the foreseeable future but remains cautious on the effects of Covid 19 on our economy. NNAC writes all major classes of short term insurance risk, focusing on retail, corporate, commercial, engineering and marine activity.