AM Best


SEPTEMBER 21, 2022 03:04 PM (EDT)

AM Best Revises Outlooks to Negative for Hawaii Employers’ Mutual Insurance Company, Inc.


CONTACTS:
 Sergio Musacchio
Senior Financial Analyst
+1 908 439 2200, ext. 5032
sergio.musacchio@ambest.com

Robert Raber
Director
+1 908 439 2200, ext. 5696
robert.raber@ambest.com
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Al Slavin
Communications Specialist
+1 908 439 2200, ext. 5098
al.slavin@ambest.com

FOR IMMEDIATE RELEASE

OLDWICK - SEPTEMBER 21, 2022 03:04 PM (EDT)
AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Hawaii Employers’ Mutual Insurance Company, Inc. (HEMIC) (Honolulu, HI).

The Credit Ratings (ratings) reflect HEMIC’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

The negative outlooks reflect AM Best’s concerns with adverse reserve development and deteriorating trends in operating performance. The outlooks also capture the volatility in recent underwriting performance, contraction in investment results and the company’s current operating performance comparing unfavorably with peer workers’ compensation companies, broad industry results and historical results.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM 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.


Related Companies

For information about each company, including the Best's Credit Reports, group members (where applicable) and news stories, click on the company name. An additional purchase may be required.

AMB# Company Name
012060 Hawaii Employers' Mutual Ins Co, Inc.