AM Best Upgrades HAI Group’s Issuer Credit Rating to ‘a+’ and Reaffirms Its ‘A (Excellent)’ Rating

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Strong Senior Leadership, Strict Underwriting Discipline, and Sound Risk Management Practices Further Enhance Rating

HAI Group President and Chief Executive Officer Ed Malaspina

While the year 2020 challenged our health, safety, and the economy to a degree that would have been hard to imagine a year ago, I am grateful that we were able to quickly adapt and help our members across the country continue to serve their communities, particularly those in need.

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 upgraded our Long-Term Issuer Credit Rating (ICR) to ‘a+’ from ‘a’ and reaffirmed our Financial Strength Rating (FSR) of ‘A (Excellent).’

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).

“The ratings reflect HAI Group’s balance sheet strength, which AM Best categorizes as ‘strongest,’ as well as its adequate operating performance, favorable business profile, and appropriate enterprise risk management,” wrote AM Best in a press release announcing the upgrade. “The upgrade of the Long-Term ICR is the result of favorable trends in operating results in recent years with underwriting and operating ratios that are more in line with its peers. The favorable earnings trend is attributed mainly to the group’s favorable loss experience, improved risk selection and the deliberate expense management initiatives implemented by senior leadership. Results have benefited over the past few years from management’s concerted efforts to improve operating performance through allocating resources to the group’s core insurance operations in order to achieve healthy but stable premium growth. Combined with strict underwriting discipline and sound risk management practices, these aspects have led to the group’s recent enhanced profitability and sustained operating profitability.”

“While the year 2020 challenged our health, safety, and the economy to a degree that would have been hard to imagine a year ago, I am grateful that we were able to quickly adapt and help our members across the country continue to serve their communities, particularly those in need,” 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. This year more than ever, our employees have remained steadfast in their dedication to providing our members with the highest level of customer service. We remain committed to quality work and exceptional performance.”

To read the press release distributed by AM Best, 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 and headquartered in Cheshire, Connecticut. 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 strategic capital, research, advocacy, and training relied on by over 1,500 housing organizations and more than 12,000 housing professionals nationwide. For more information, visit http://www.housingcenter.com.

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Courtney Rice
HAI Group
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