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, strong capital position, and improving product diversity. Offsetting these positive factors are the company's operating earnings that are below peer group averages, concentration in the North Dakota market, and notwithstanding the improved diversity, still-narrow business profile in health insurance and related products. Noridian has established a strong competitive position in its core market and is the dominant writer and administrator of health insurance products and plans in North Dakota. The company has an 89% share of the insured market, with approximately 413,800 members
