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AM Best Affirms Credit Ratings of National Guaranty Insurance Company of Vermont

WM
  • AM Best affirmed National Guaranty Insurance Company of Vermont's Financial Strength Rating of A (Excellent) & Long-Term Issuer Credit Rating of "a" (Excellent).
  • The outlook for these ratings is stable.
  • Ratings reflect NGIC's very strong balance sheet, very strong operating performance, limited business profile, & appropriate enterprise risk management.
  • NGIC serves as the captive insurance company for Waste Management, Inc. (WM), receiving full capitalization via a demand note & supplemental letters of credit as needed.
  • The company has maintained consistent profitability over the last decade with combined ratios exceeding industry & peer margins.
  • In 2025, NGIC recorded solid underwriting gains & growing net investment income while maintaining a loss-free history.
  • NGIC is licensed in two states & operates as a non-admitted insurer in 27 states to meet WM's financial assurance obligations.
  • AM Best expects NGIC to sustain current operating profitability & balance sheet strength while continuing to outperform peers.