AM Best Affirms Financial Strength Rating of 'A (Excellent)' and Issuer Credit Rating of 'a+' for HAI Group

CHESHIRE, Conn. (PRWEB) January 25, 2022

HAI Group, the nation's leading member-owned property-casualty insurance company for the affordable housing industry, is proud to announce that AM Best has affirmed their Financial Strength Rating (FSR) of 'A (Excellent)' and Issuer Credit Rating (ICR) of 'a+.' The outlook for both the FSR and ICR continue to be stable.

The rating includes the following companies under the HAI Group brand: Housing Authority Risk Retention Group, Inc. (HARRG); Housing Authority Property Insurance, A Mutual Company (HAPI); Housing Enterprise Insurance Company, Inc. (HEIC); and Housing Specialty Insurance Company, Inc. (HSIC).

In AM Best's letter affirming the ratings, they categorize HAI Group's balance sheet strength as 'strongest,' operating performance as adequate, business profile as favorable, and enterprise risk management as appropriate. Further noting that the "Risk-adjusted capitalization is at the strongest level as measured by Best's Capital Adequacy Ratio (BCAR) even when stressed under normal catastrophic and terrorism loss scenarios." The letter continues, "In the last five years, HAI Group has seen significant surplus growth which is a direct result of premium growth, expense management and savings, favorable loss development, and appropriately applied rate actions and deductibles for a strong renewal book of business. Loss activity reported reflects favorable loss development on prior accident years and expenses that continue to be in line with the company's plan as it exercises prudent expense management while making significant investments in technology platforms and infrastructure."

"We are proud that AM Best had once again rated our companies as 'A (Excellent)' with a stable outlook," said HAI Group President and Chief Executive Officer Ed Malaspina. "Throughout the years, we have continued to show growth and progression, and having AM Best recognize our achievements is extremely rewarding. The diligence put forth by our employees can be seen by our strong underwriting results and highest level of customer service for our members."

About HAI Group

HAI Group® is the nation's leading property-casualty insurance company founded by and dedicated to affordable housing. While we are recognized as a pioneer of affordable housing insurance programs, insurance is not our only strength. We protect, preserve, and promote the sustainability of affordable housing with a wide array of products and services that support the challenges housing organizations face. Besides insurance, they include research, advocacy, and training relied on by more than 1,500 housing organizations nationwide. Headquartered in Cheshire, Connecticut, HAI Group® was recognized as a Top Workplace in 2020 and 2021. For more information, please visit http://www.housingcenter.com.

About AM Best

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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, please visit http://www.ambest.com.

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