AM Best Company Revises HAI Group’s Issuer Credit Rating Outlook to Positive and Reaffirms Their ‘A (Excellent)’ Rating

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Strong Senior Leadership and Stricter Underwriting and Claims Handling Further Enhances Rating

HAI Group President and Chief Executive Officer Ed Malaspina

2019 has been a year of focusing on our core principles. We continued to be diligent in our underwriting discipline, were thoughtful in our spending, and strengthened our practices in key areas such as claims and enterprise risk management.

HAI Group, the nation’s leading member-owned property-casualty insurance company for the affordable housing industry, is proud to announce that AM Best Company has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and Long-Term ICR of “a.”

The group rating for HAI Group includes 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).

“The ratings reflect HAI Group’s balance sheet strength, which AM Best categorizes as strongest, as well as its marginal operating performance, favorable business profile, and appropriate enterprise risk management (ERM),” wrote AM Best Company in a press release announcing the revision. “The revision in the Long-Term ICR outlook to positive is based on HAI Group’s improved operating performance in recent years, driven primarily by favorable loss experience and deliberate expense management, which has led to a return to profitability and surplus growth. The favorable earnings trend is attributed mainly to strong senior leadership, improved underwriting, stricter underwriting and claims handling, stringent risk management practices, and favorable reserve development. In addition, HAI Group’s pre-tax return measures exceed the industry.”

“2019 has been a year of focusing on our core principles,” said HAI Group President and Chief Executive Officer Ed Malaspina. “We continued to be diligent in our underwriting discipline, were thoughtful in our spending, and strengthened our practices in key areas such as claims and enterprise risk management. The hard work and dedication from each of our employees has paid off and is reflective not only in the revision of our rating from AM Best, but more importantly in our service to our membership. We will remain committed to quality work and exceptional performance.”

To read the full press release distributed by AM Best Company, please visit http://www.ambest.com.

About HAI Group
HAI Group® is the marketing name for a family of companies founded by and dedicated to housing, headquartered in Cheshire, Connecticut. While we are recognized as a pioneer of public and 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 that support the challenges housing organizations face, offering insurance, strategic capital, research, advocacy, and training to meet the needs of over 1,500 housing organizations and more than 12,000 housing professionals across the nation. For more information, visit http://www.housingcenter.com.

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Courtney Rice
HAI Group
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