A.M. Best Company, the world’s oldest and most authoritative insurance rating source, announced it has reaffirmed the financial strength rating for these companies as ‘Excellent’ (A-) with a stable outlook.
“The NASW RRG attributes its success to our commitment to long-term stability, growth, and strong business model,” said Joseph T. Monahan, JD, ACSW, Board Chair/President, NASW Risk Retention Group.
A.M. Best Company cited balance sheet strength, categorized as very strong, as well as its strong operating performance, and niche market expertise in professional liability insurance designed specifically for the social work profession.
“As a leader in offering professional liability insurance to the social work community, we work closely with social work professionals to design and deliver comprehensive insurance coverage while maintaining proper pricing and reserves,” said Tony Benedetto, CEO, NASW Risk Retention Group.
The NASW RRG, created and overseen by social workers, offers high-quality liability products with very attractive benefits designed to meet the specific needs of the social work profession at competitive pricing for the value. Unlike most insurance companies that focus mainly on creating profits, the NASW RRG and NASWIC’s priority is to focus on what’s best for social workers and the entire profession. These companies advocate for policyholders in ways that make a real difference, like operating at significantly lower administrative costs than major competitors in order to keep the premium down and customizing benefits to staying current with the needs of the social work profession.
“NASWIC continues to be a financially strong reinsurer,” said Paul S. D’Agostino, ACSW, LCSW, President/ Chair, NASW Insurance Company, Inc. “Contributing to the RRG’s capabilities to offer valuable insurance coverage, service second to none to policyholders, risk management tools and relevant professional resources supporting all social workers personally and professionally.”