OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” of the insurance entities of HAI Group. (See below for a detailed listing of the entities.)
The ratings reflect HAI Group’s balance sheet strength, which A.M. Best categorizes as strongest, as well as its marginal operating performance, favorable business profile and appropriate enterprise risk management.
The revised outlooks to stable from negative reflect the group’s improving operating performance trend in recent periods due to successful implementation of profitability enhancements, as well as senior management’s strong operating experience and in-depth knowledge of the housing industry. Despite some volatility in underwriting performance, HAI Group outperforms its peers in the property/casualty composite on most operating metrics while maintaining the strongest risk-adjusted capital position.
A.M. Best believes that HAI Group will continue to improve its overall operating performance over time under its experienced leadership, benefiting from the group’s favorable niche business profile within the housing segment.
Key factors that could lead to positive rating action for HAI Group include an improving favorable trend in operating performance that leads to profitable support of capitalization. Conversely, a sharp deterioration in operating performance or a significant weakening of its risk-adjusted capitalization could lead to negative rating action.
The FSR of A (Excellent) and the Long-Term ICRs of “a” have been affirmed with the outlooks revised to stable from negative for the insurance entities of HAI Group:
- Housing Authority Property Insurance, A Mutual Company
- Housing Authority Risk Retention Group, Inc.
- Housing Enterprise Insurance Company, Inc.
- Housing Specialty Insurance Company, Inc.
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.
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