Omaha National Group, Inc. (“Omaha National”), a leading tech-enabled provider of workers’ compensation insurance and payroll services, recently announced that AM Best has assigned the Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Omaha National Insurance Company, with an outlook assigned to those Credit Ratings of stable.
The ratings characterize Omaha National’s balance sheet strength as very strong, and notes its adequate operating performance, limited business profile and appropriate enterprise risk management. Omaha National was initially assigned a preliminary credit assessment of A- by AM Best in November 2021.
“This latest step is a crucial development in Omaha National’s transition into a full-stack carrier and a key element of our growth plan in 2022,” said Omaha National Chief Financial Officer Bryan Connolly. “We’re appreciative of AM Best for this acknowledgement and look forward to building on the trajectory we’ve developed over the last 12 months.”
Last month, Omaha National announced a $20 million unsecured senior debt financing facilitated by Cohen & Co., a financial services company specializing in fixed income markets, to allow the company to better serve clients as a full-stack carrier and facilitate financial strength ratings. Omaha National raised $45 million Series B funding from investors Accomplice, HighSage Ventures and Tull Investments in September 2021, and is also backed by investment firm Agman.
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