“When HAI Group’s financial results are better than expected, we believe in sharing this success with our members.”
CHESHIRE, Conn. (PRWEB) March 21, 2018
HAI Group, a leading member-owned property-casualty insurance company, announced today that as a result of continued fiscal strength, its Board of Directors declared a policyholders’ dividend to be distributed to all eligible HAI Group policyholders in 2018. HAI Group's latest dividend is based on overall combined assets of $542 million and surplus of $305 million. Since 1991, the company has declared more than $160 million in dividends.
“While property loss experience from catastrophe loss events and winter weather were higher than expected in 2017, the Companies had limited exposure from the massive wildfires, floods, and hurricanes,” stated HAI Group Chief Financial Officer and Treasurer Sarah Rodriguez. She continued that “reported incurred liability claim activity came in lower than expected on prior accident years, reflecting positive loss development.”
In December 2017, A.M. Best affirmed HAI Group's A (Excellent) rating. The rating affirmations of HAI Group reflect its 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 (ERM). The ratings also factor in HAI Group’s recent management actions to enhance the balance sheet strength, improve operating results and expand the business profile by including HSIC as a group member.
“When HAI Group’s financial results are better than expected, we believe in sharing this success with our members.” said HAI Group President and Chief Executive Officer Ed Malaspina. “We provide insurance and risk management programs that offer tailor-made insurance coverage, specialized claims service, and a variety of resources to help members reduce uncertainty and reduce losses, but our vision is to promote the sustainability of affordable housing. To that end, HAI Group is proud to sponsor programs for its membership, including, scholarship and internship programs, and charitable activities and initiatives that help protect and preserve the long term sustainability of public and affordable housing communities.”
About HAI Group
HAI Group® is the brand name for a family of companies founded by and dedicated to housing. Recognized as a pioneer of public and affordable housing insurance programs, the company offers a wide array of products that support the challenges housing organizations face; providing insurance, strategic capital, research, advocacy, and training to meet the needs of more than 1,500 housing organizations and 15,000+ housing professionals across the nation. HAI Group, headquartered in Cheshire, Connecticut, is mission driven and committed to protecting, preserving, and promoting the sustainability of affordable housing. For a complete list of our companies and products, visit http://www.housingcenter.com.