Dominant market position in core market Very good and improving risk-adjusted capitalization Very good cash flow, with a portfolio of highly marketable securities that support liquidity Low levels of return on revenue Single-state market concentration Challenging regulatory environment Standard&Poor's Ratings Services' 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. The company's weak operating earnings, concentration in the North Dakota market, and the challenging regulatory environment in which it operates offset the positive factors. Noridian has established a strong competitive position in its core market and is the dominant
