Honolulu, HI – A.M. Best Co. has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Stable) for Hawai`i Employers’ Mutual Insurance Company, Inc. (HEMIC), the largest provider of workers’ compensation insurance in Hawai`i.
HEMIC has maintained an A rating from A.M Best every year since they were first rated in 2007.
Said Martin J. Welch, Chief Executive Officer of HEMIC, “A.M. Best’s affirmation of our rating is a validation of HEMIC’s financial strength and commitment to Hawai`i’s businesses and workers. From our inception, HEMIC has focused on ensuring stability to weather crises, natural or economic, so that we will always be here for Hawai`i.”
The rating rationale by A.M. Best refers to HEMIC’s conservative capitalization, investment performance, operating performance, rate structure, safety credit program and risk management.
Jason Yoshimi, HEMIC’s President and CFO, said, “The pandemic has illustrated that our conservative approach and diversified strategy for capital management is one that will sustain us during times of unexpected and significant financial stress. We are steadfast in fulfilling our commitment to our policyholders and their workers.”