OLDWICK, N.J.–(BUSINESS WIRE)– AM Best has upgraded the Financial Strength Rating (FSR) to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “aa-” (Superior) from “a+” (Excellent) of the insurance members of HAI Group (Cheshire, CT). The outlook of these Credit Ratings (ratings) has been revised to stable from positive. (See below for a detailed listing of the members and ratings.)
The ratings reflect HAI Group’s balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).
The rating upgrades reflect HAI Group’s sustained improvement in underwriting results and high level of operating profitability relative to similarly assessed peers. The strong operating performance assessment has been enhanced further by robust levels of net investment income that exceed the industry average. The group’s underwriting results began showing marked improvement in 2017 following a change in executive leadership, and since then have generated strong results consistently. This positive trend in underwriting and operating profitability is supported by stable premium growth driven by targeted rate actions and favorable increases in total insured value, disciplined expense management, and consistently favorable loss development year after year. Management maintains a disciplined underwriting approach and is highly selective in new business submissions, which has enhanced the overall quality of risks assumed in its portfolio.
The consistent earnings generation has driven a healthy amount of organic surplus growth over the previous five-year period, which has reinforced the group’s capital position and overall balance sheet strength. The group’s favorable business profile is anchored by its leading market position in the public housing sector and expanding presence in the larger affordable housing sector. Currently, the majority of new business growth originates from the affordable housing sector, which provides a significant opportunity for expansion in the years ahead. Further, the group benefits from exceptionally strong client retention and brand loyalty within the assisted housing market. The group has an established ERM framework in place that further demonstrates the group’s proactive risk management approach and clear governance across its organization.
The FSR has been upgraded to A+ (Superior) from A (Excellent) and the Long-Term ICRs to “aa-” (Superior) from “a+” (Excellent) with the outlooks revised to stable from positive for the following members of HAI Group:
* Housing Authority Risk Retention Group, Inc.
* Housing Enterprise Insurance Company, Inc.
* Housing Specialty Insurance Company, Inc.
* Housing Authority Property Insurance, A Mutual Company
This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit http://www.ambest.com.
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Robert Gabriel
Senior Financial Analyst
+1 908 882 1789
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Fred Eslami
Associate Director
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Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
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Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
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