Dominant market position. Very good and improving risk-adjusted capitalization Very good cash flow, with a portfolio of highly marketable securities that support liquidity. Lower levels of return on revenue, though we expect improvement. Monoline business profile with geographic concentration in a single state. Challenging regulatory environment. 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, very good risk-adjusted capitalization, and strong liquidity. Offsetting these positive factors are the company's weakened operating earnings, concentration in the North Dakota market, and the challenging regulatory environment in which it operates. Noridian has established a strong competitive position in its
