Dominant market position. Good capital adequacy. Strong liquidity. Difficult regulatory environment. Diminishing operating performance and capital adequacy. Geographic concentration; operates primarily in one state. The insurer financial strength rating on Noridian Mutual Insurance Co., which does business as Blue Cross Blue Shield of North Dakota (Noridian), reflects the company's dominance of the North Dakota health insurance market, good capital adequacy, and strong liquidity. Offsetting these positive factors are the company's diminishing operating earnings and capital adequacy, concentration in the North Dakota market, and the restrictive regulatory environment in which it operates. Noridian is the largest writer and administrator of health insurance products and plans in North Dakota, writing about 90% of the statutory health insurance premium. The company maintains a
