SEPTEMBER 21, 2022 03:04 PM (EDT)
AM Best Revises Outlooks to Negative for Hawaii Employers’ Mutual Insurance Company, Inc.
Senior Financial Analyst
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Manager, Public Relations
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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.