HAI Group®, the nation's leading property-casualty insurance provider exclusively serving the public and affordable housing industry, today announced that AM Best has upgraded the Financial Strength Rating (FSR) of its member companies to A+ (Superior) from A (Excellent)-the second-highest rating on AM Best's 17-level scale, behind only A++.
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HAI Group is rated within the captive insurance category, which includes 246 rated captives worldwide. With this upgrade, HAI Group is now one of just six captives globally to hold an A+ rating, with only three rated higher worldwide.
AM Best cited HAI Group's “sustained improvement in underwriting results and high level of operating profitability relative to similarly assessed peers,”
“[HAI Group's] underwriting results began showing marked improvement in 2017 following a change in executive leadership, and since then have generated strong results consistently,” stated AM Best's upgrade announcement. The rating agency also highlighted HAI Group's “robust levels of net investment income,” disciplined expense management, favorable loss development, and strong client retention as key drivers of its decision.
“This upgrade reflects the hard work, focus, and discipline of our entire organization,” said Ed Malaspina, president and CEO of HAI Group. “Our team's commitment to excellence has brought us here, and this recognition shows that the work we've put in is paying off. HAI Group was founded by public housing agencies during a time when it was difficult to secure affordable, reliable coverage, and these upgrades are proof that we remain strong and ready to continue delivering on that mission well into the future.”
AM Best assesses HAI Group's balance sheet strength as “strongest,” supported by consistent surplus growth, a leading market position in public housing, and expanding presence in the broader affordable housing sector.
“This milestone is a testament to the dedication and focus of our entire team,” said Troy LePage, executive vice president and COO of HAI Group. “It reinforces the strength of our strategy and positions us to keep innovating, growing, and finding new ways to support the public and affordable housing industry for years to come.”
HAI Group's favorable business profile is anchored by its market leadership in public housing and its growing footprint in affordable housing, where the majority of new business growth now originates. The group maintains an established enterprise risk management (ERM) framework that AM Best recognized as demonstrating a “proactive risk management approach and clear governance.”
The following HAI Group members received the upgraded ratings:
— Housing Authority Risk Retention Group, Inc.
— Housing Enterprise Insurance Company, Inc.
— Housing Specialty Insurance Company, Inc.
— Housing Authority Property Insurance, A Mutual Company
For more information, visit www.haigroup.com/about-us or read AM Best's official announcement here.
About HAI GroupHAI Group® is the nation's leading property-casualty insurance organization founded by and dedicated to public and affordable housing providers. For nearly 40 years, the Cheshire, Connecticut-based company has delivered tailor-made insurance and risk management solutions designed to protect assets, improve efficiency, empower employees, and advance housing strategies. For a complete list of HAI Group companies and to learn more about HAI Group, visit www.haigroup.com
About AM BestAM 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 London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Media Contact:Andrew RagaliAssistant Director, Marketing & CommunicationsHAI GroupEmail: aragali@haigroup.com
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SOURCE HAI Group
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