Summary: Noridian Mutual Insurance Co. (d/b/a Blue Cross Blue Shield of North Dakota)

Noridian Mutual Insurance Co. (d/b/a Blue Cross Blue Shield of North Dakota) is incorporated as a mutual insurance company under the North Dakota Nonprofit Corporation Act and subject to regulation by the North Dakota Insurance Dept. Our rating balances sustained earnings improvement and balance strength with limited geographic and product scope. Noridian continues to hold a leading, albeit somewhat diminished, market share in its core North Dakota market while achieving significantly improved profitability, which has materially bolstered its overall balance-sheet strength. Offsetting this is the company's concentration in a highly regulated and relatively small U.S. state and its limited product portfolio profile, which we expect to remain oriented toward relatively mature commercial segments. The stable outlook reflects our expectation that

...Noridian Mutual Insurance Co. (d/b/a Blue Cross Blue Shield of North Dakota) is incorporated as a mutual insurance company under the North Dakota Nonprofit Corporation Act and subject to regulation by the North Dakota Insurance Dept. Our rating balances sustained earnings improvement and balance strength with limited geographic and product scope. Noridian continues to hold a leading, albeit somewhat diminished, market share in its core North Dakota market while achieving significantly improved profitability, which has materially bolstered its overall balance-sheet strength. Offsetting this is the company's concentration in a highly regulated and relatively small U.S. state and its limited product portfolio profile, which we expect to remain oriented toward relatively mature commercial segments. Outlook The stable outlook reflects our expectation that Noridian will maintain its leading market position and maintain its meaningfully improved balance-sheet strength while effectively transitioning...

Summary