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NAMIC Service PartnersNAMIC Capital Access Programs

NAMIC has two programs available for members of all size and corporate structures:

NAMIC Capital Access Programs through NCB - is a facility that has been in place for several years with the National Cooperative Bank. The NCB serves mutually owned companies, writing individual surplus notes capping at $3 Million.

Pooled Securities Program through FTN/KBW - with Surplus Notes available to mutual insurance companies, and Trust Preferred Securities available to stock companies, NAMIC has endorsed this program with the leading issuer for both banks and insurance companies. For quarterly closing dates, contact NAMIC.

The Treatment of Surplus Notes and Trust-Preferred Securities in the Financial Strength Ratings of Insurance Companies

Surplus notes aren't newcomers to the insurance industry. In fact, they have been in circulation for more than a decade.

In the 1990s, most surplus notes were issued for relatively small sums and short durations. Only the largest companies in the industry could afford to issue large denominations with far-reaching terms to maturity. In this environment, using surplus notes to improve long-term capital wasn't particularly effective, and thus small to midsize mutual companies were extremely limited in their ability to strengthen their balance sheets through external sources.

(This special report is provided with the permission of A.M. Best)

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