HEMIC Has Maintained “A” Rating Since First Rated in 2007
NEWS RELEASE — 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.”
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. A Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. For more information, visit www.ambest.com.
HEMIC is the State of Hawai`i’s leading workers’ compensation insurance company, caring for more than 7,000 businesses and 75,000 workers across the Hawaiian Islands. HEMIC is a mutual insurance company and has returned more than $38 million dollars in dividends to its policyholders over the past thirteen years. An expert in safety, HEMIC helps employers prevent workplace injuries as well as care for injured workers.
HEMIC has two wholly-owned subsidiaries to help businesses with their additional insurance needs: Employers’ Protective Insurance Company (EPIC) provides temporary disability insurance (TDI), while HEMIC Insurance Managers, Inc. (HIMI) brokers all other lines of commercial business insurance, provides multi-line TPA services to self-insured entities and captive insurers, and offers risk management consulting services.