Company Announcements

OLDWICK, N.J.--(BUSINESS WIRE)--Jul. 2, 2025-- 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 National Guaranty Insurance Company of Vermont (NGIC) (Burlington, VT). The outlook of these Credit Ratings (ratings) has been revised to stable from positive.

The ratings reflect NGIC’s balance sheet strength, which AM Best assesses as very strong, as well as its very strong operating performance, limited business profile and appropriate enterprise risk management (ERM).

The rating upgrades reflect a revision of NGIC’s operating performance assessment to very strong from strong. Over the last decade, NGIC has produced consistently strong underwriting and return on revenue metrics, with combined ratios that outperformed the industry and its peers by wide margins. It is AM Best’s expectation that NGIC will continue to produce favorable operating results prospectively, driven by the organization’s extensive loss controls, which have resulted in a loss-free history for the captive.

The ratings also acknowledge NGIC’s strategic role as the captive insurance company of Waste Management, Inc. (WM) [NYSE: WM], one of the leading providers of comprehensive waste management environmental services in North America. As a strategic and integral part of WM’s ERM program, it wholly funded the captive’s capitalization in the form of a demand note, and as changes in exposures necessitate, additional supplements have been provided in the form of letters of credit. Furthermore, NGIC benefits from WM’s robust risk management strategies, which enable it to support a portion of WM’s financial assurance program efficiently and appropriately.

NGIC has a limited business profile, is licensed in two states and operates in 27 states as a non-admitted insurer to meet financial assurance obligations of WM. The captive’s ERM is considered appropriate as a focused insurance company, which leverages its expertise to benefit policyholders.

The stable outlook reflects AM Best's expectation that NGIC will sustain its current level of operating profitability and continue to outperform peers while maintaining its very strong balance sheet strength assessment.

AM Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated in the United States and throughout the world. For current Best’s Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive .

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings . For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments .

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com .

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Sebastian Caballero
Financial Analyst
+1 908 882 1680
sebastian.caballero@ambest.com

Adrienne Stark
Associate Director
+1 908 882 2336
adrienne.stark@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

Source: AM Best