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 premiums. The company maintains a competitive portfolio of health insurance products and provides services to more than 480,000 members. The company's risk-adjusted capitalization is adequate relative to the rating level.
