OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” of the Housing and Redevelopment Insurance Exchange (HARIE) (Scranton, PA). The outlook of these Credit Ratings (ratings) remains stable. Concurrently, A.M. Best has withdrawn the ratings at the company’s request to no longer participate in A.M. Best’s interactive rating process.
The ratings reflect HARIE’s adequate capitalization, high member retention, excellent levels of client services and its ability to assess housing authority members for one additional current year policy premium. Partially offsetting these positive rating factors are HARIE’s fluctuating results and high claim utilization. HARIE operates as a non-profit, federally tax-exempt organization, which does not write coverages for the general public insurance market. Through its strong relationship with housing and redevelopment authorities in Pennsylvania, HARIE has maintained excellent policyholder retention and continues to write business for almost all of the agencies in this market.
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.
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