AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” (Excellent) from “a-” (Excellent) of AMERIND Risk Management Corporation (AMERIND) (Pueblo of Santa Ana, NM). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect AMERIND’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

An upgrade in AMERIND’s business profile assessment to neutral from limited reflects AM Best’s recognition of the beneficial impacts to the company’s financial condition and operating performance from its defensible niche market position as a leading insurance provider to Native American communities across federally recognized Indian Country as a result of its geographic and product line diversification. The company offers insurance coverage in several commercial and personal lines of business across 36 states and spans 400 out of 574 federally recognized tribes.

The company’s balance sheet reserves are robust and carried at a higher than required level, bolstering surplus and supporting the balance sheet strength assessment of very strong. AMERIND’s surplus at the end of 2024 was nearly eight times more than what was reported when current management took over in 2012 and is well-positioned for the sizes of its offerings and retentions. Operating performance is assessed as adequate as AMERIND's historical underwriting results have been profitable with modest net investment income and capital gains supplementing underwriting profits. Results have shown moderate volatility in the recent past in significant natural catastrophe years; management has prudently been increasing premium rates across most lines of business in response.

The stable outlook is based on AM Best's expectation that AMERIND will maintain the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), with relatively low volatility and sustainable profitability in underwriting and operating performance.

Positive rating action could occur if sustainable underwriting results contribute to an operating performance consistent with other companies that have a strong operating performance assessment. Negative rating action could occur if AMERIND's risk-based capitalization materially weakens or if it appears the company's reserves are significantly weaker than expected.

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