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Best’s News & Research Service - January 10, 2024 03:02 PM (EST)

AM Best Revises Issuer Credit Rating Outlook to Negative for Ocean Harbor Casualty Insurance Company and Its Affiliates

  • January 10, 2024 03:02 PM (EST)
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Oldwick //BestWire// - AM Best has revised the outlooks to negative from stable for the Long-Term Issuer Credit Ratings (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B (Fair) and the Long-Term ICRs of “bb+” (Fair) of Ocean Harbor Casualty Insurance Company (OHCIC) (Tallahassee, FL) and its affiliates, Great Northwest Insurance Company (GNIC) (St. Paul, MN) and Hawaiian Insurance and Guaranty Insurance Company, Limited (HIG) (Honolulu, HI). The outlook of the FSR is stable.

These Credit Ratings (ratings) reflect OHCIC’s balance sheet strength, which AM Best assesses as weak, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

The negative outlooks on the Long-Term ICRs reflect the continued deterioration of the group’s rating fundamentals and weakening level of risk-adjusted capitalization, as well as its operating performance, while recognizing the company’s appropriate ERM as the group addresses its tail and largest risks through reinsurance and sophisticated modeling.

OHCIC is an automobile and homeowners’ carrier, which writes predominantly non-standard private passenger automobile coverage in Florida and California and homeowners’ coverage in 10 states.

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.

Hawaii California Florida Property And Casualty Insurance United States Minnesota Press Release A.M. Best Rating Services, Inc. Insurance Best's Credit Rating Action

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