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, serving over 6,700 businesses with over 75,000 workers. HEMIC has maintained an A rating from A.M Best every year since they were first rated in 2007.
“As a mutual insurance company, our primary obligation is to our policyholder members,” said Marty Welch, Chief Executive Officer of HEMIC. “Our mission is to take care of Hawai`i’s businesses and workers for the long-run. Ensuring our stability through financial responsibility and strategic diversification is the foundation on which we deliver our promises.”
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, “At HEMIC, we have invested in the strategic use of technology to enhance service, improve operations, and prepare for the future. We are committed to ensuring the financial health of HEMIC and our wholly owned subsidiaries, HEMIC Insurance Managers Inc. (HIMI), a managing general agency, and Employers’ Protective Insurance Company (EPIC), a temporary disability insurance carrier. We do so through careful, strategic capital 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. 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.