Dominant market position. Very good and improving risk-adjusted capitalization. Strong liquidity profile. Tough regulatory environment. Monoline business profile with geographic concentration in a single state. Weakened, but improving, operating performance. 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 in the North Dakota health insurance market, very good capitalization, and strong liquidity. Offsetting these positive factors are the company's weakened operating earnings, concentration in the North Dakota market, and the tough regulatory environment in which it operates. Noridian is the largest writer and administrator of health insurance products and plans in North Dakota, writing close to 85% of the state's statutory health insurance
