Honolulu, HI – A.M. Best Co. has affirmed the Financial Strength Rating of A (Excellent) and the Issuer Credit Rating of “a” for Hawaii Employers’ Mutual Insurance Company, Inc. (HEMIC). The outlook of these Credit Ratings continues to be “Stable.” HEMIC has attained an A rating from A.M. Best every year since they were first rated in 2007. HEMIC is the leading provider of workers’ compensation insurance in Hawaii, serving over 6,500 businesses with over 75,000 workers.
“As a mutual insurance company, our primary obligation is to our policyholder members,” said Marty Welch, Chief Executive Officer of HEMIC. “A.M. Best’s affirmation of our financial strength recognizes the stability and security of our business operations. It speaks to our long-term commitment to care for Hawaii’s businesses and their employees and to fulfill our obligations into the future. It validates our position as a model provider of workers’ compensation insurance in the State of Hawaii.”
Jason Yoshimi, HEMIC’s President and CFO, said, “Through a prudent capital management philosophy we have shown consistent year-over-year surplus growth and operating results. HEMIC’s strength and consistent results are the product of the hard work and effort of our team, and the commitment to safety by our members. We are pleased to share our collective success — which is why we have been able to return eleven consecutive years of dividend payments to qualified policyholders.
A.M. Best rates HEMIC’s outlook as Stable, noting: “The stable outlook reflects the expectation that the company’s rating fundamentals will remain unchanged over the intermediate term with balance sheet strength remaining in the strongest category and overall operating performance at least commensurate with that of the company’s peers.”
In this year’s Rating Rationale Summary, A.M. Best rates HEMIC “Strongest” for Balance Sheet, “Strong” for Operating Performance, and “Appropriate” for Enterprise Risk Management.
Founded in 1899 A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source. Best’s Credit Ratings are recognized as a benchmark for assessing an organization’s financial strength as well as the credit quality of its obligations. For the latest rating, access www.ambest.com.
Source: HEMIC