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Press release content from Business Wire. The AP news staff was not involved in its creation.

AM Best Revises Outlooks to Negative for Hawaii Employers’ Mutual Insurance Company, Inc.

September 21, 2022 GMT

OLDWICK, N.J.--(BUSINESS WIRE)--Sep 21, 2022--

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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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. For more information, visit www.ambest.com.

Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com:https://www.businesswire.com/news/home/20220921005954/en/

CONTACT: Sergio Musacchio

Senior Financial Analyst

+1 908 439 2200, ext. 5032

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sergio.musacchio@ambest.comRobert Raber

Director

+1 908 439 2200, ext. 5696

robert.raber@ambest.comChristopher Sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.comAl Slavin

Communications Specialist

+1 908 439 2200, ext. 5098

al.slavin@ambest.com

KEYWORD: NEW JERSEY EUROPE UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE FINANCE

SOURCE: AM Best

Copyright Business Wire 2022.

PUB: 09/21/2022 03:43 PM/DISC: 09/21/2022 03:43 PM

http://www.businesswire.com/news/home/20220921005954/en