AM Best upgrades the Financial Strength Rating (FSR) of HAI Group to ‘A+’ (Superior) from ‘A’ (Excellent). The rating agency cites the captive’s "sustained improvement in underwriting results and high level of operating profitability relative to similarly assessed peers". This is the second-highest rating on AM Best's 17-level scale. With this upgrade, the Connecticut-based company is now one of just six captives globally to hold an ‘A+’ rating, with only three rated higher worldwide. According to AM Best, HAI Group’s underwriting results have shown “marked improvement” since a change in executive leadership in 2017. The rating agency also highlights the group’s "robust levels of net investment income," disciplined expense management, and favourable loss development as key drivers for its decision. Ed Malaspina, president and CEO of HAI Group, says the upgrade reflects the "hard work, focus, and discipline of our entire organisation". AM Best also assesses HAI Group's balance sheet strength as ‘strongest’, supported by consistent surplus growth and a leading market position in the public housing sector. The group’s favourable business profile is anchored by its market leadership and expanding presence in the broader affordable housing sector, where the majority of new business growth now originates. The upgraded ratings apply to the following HAI Group members: Housing Authority Risk Retention Group, Inc.; Housing Enterprise Insurance Company, Inc.; Housing Specialty Insurance Company, Inc.; and Housing Authority Property Insurance, A Mutual Company.
