Oldwick, NJ -(BusinessWire)- 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.
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