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AM Best Rating B++

AM BEST HEADER

OLDWICK, N.J., June 26, 2018—A.M. Best has revised the outlook to positive from stable for the
Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B++
(Good) and the Long-Term ICR of “bbb” of National Independent Truckers Insurance Company, A RRG
(NITIC) (Charleston, SC). The outlook of the FSR remains stable.

The Credit Ratings (ratings) reflect NITIC’s balance sheet strength, which A.M. Best categorizes as
strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk
management.

The positive Long-Term ICR outlook reflects the company’s strong overall balance sheet from prudent
risk management, and A.M. Best’s expectation that the company will continue to improve its risk-adjusted capital
position and operating performance. Surplus has benefited from NITIC’s extensive risk management program to
produce underwriting profits in the difficult line of commercial automobile liability, supplemented by capital
contribution requirements for policyholders in their first five years of risk retention group (RRG) membership.

The rating affirmations reflect the company’s consistently strong operating performance demonstrated by
comparison of its past five calendar years and five-year average combined ratios to A.M. Best’s commercial auto
composite average. NITIC has continually produced pure net loss ratios well below the five-year composite
average due to its robust risk management program and membership selectivity. These factors are offset
somewhat by the company’s limited business profile due to its narrow geographic scope and mono-line business
orientation. Vulnerability to “key man” risk is another area of concern, as it pertains to the organization’s heavy
dependence on one individual for management, direction and execution of its business strategy.

Positive rating action could occur in the medium term if the company continues to consistently increase
surplus through operating profits and member capital contributions. Positive rating action also could occur if the
company is able to demonstrate further stability in underwriting results. Negative rating action could occur if
underwriting profitability trends weaken and/or there is material deterioration in the company’s risk-adjusted
capital adequacy. Negative ration action also could occur with a sudden change in key management, which might
lead to a divergence in the company’s operating strategy and performance.

This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all
rating information relating to the release and pertinent disclosures, including details of the office
responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s
Recent Rating Activity web page. For additional information regarding the use and limitations of Credit
Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media
use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of
Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For
more information, visit www.ambest.com.

Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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National Independent Truckers Insurance Company, RRG.

610-618 W. St. Georges Ave.
Linden, NJ 07036
Phone: (888) 237-7922 or 908-587-2500

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National Independent Truckers Insurance Co., RRG is a BBB Accredited Insurance Company in Charleston, SC

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