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AM Best Affirms Credit Ratings of The Hartford Financial Services Group, Inc. and Subsidiaries

Nachrichtenquelle: Business Wire (engl.)
29.07.2021, 18:59  |  144   |   |   

AM Best has affirmed the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) and the Long-Term Issue Credit Ratings (Long-Term IR) of The Hartford Financial Services Group, Inc. (The Hartford) (Delaware) [NYSE: HIG], which is the ultimate parent of the companies hereinafter mentioned. AM Best also has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) of Hartford Fire Insurance Company (Hartford, CT) and its pooling subsidiaries and affiliates, collectively known as the Hartford Insurance Group. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies and Long-Term ICRs.)

The ratings of the Hartford Insurance Group reflect its balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management (ERM).

The ratings reflect the Hartford Insurance Group’s risk adjusted capitalization, which remains at the strongest level, as measured by Best’s Capital Adequacy Ratio. Additionally, the group reports strong liquidity metrics and has a diverse and well-managed investment portfolio. Hartford Insurance Group also benefits from strong financial flexibility at The Hartford, demonstrating access to capital markets as needed as well as full borrowing capacity to $750 million through its five-year revolving credit facility, which matures in March 2023. AM Best notes that the Hartford Insurance Group also has access to additional funds through its membership with Federal Home Loan Bank of Boston (FHLB). The group continues to maintain a comprehensive reinsurance program with highly rated insurers.

Hartford Insurance Group’s diverse product portfolio and distribution capabilities are a direct contributor to the group’s adequate top line trends and operating performance metrics. AM Best notes that the Navigators operations, acquired in 2019, have been fully integrated and now are considered part of the Hartford Insurance Group. Hartford Insurance Group has reported a steady stream of net investment income supplementing revenue, though yields have been lower due to generally lower reinvestment rates. While premium growth was modest in 2020, driven in part by the impacts from COVID-19, going forward, AM Best expects more favorable written premium growth across core lines of business. Additionally, the group continues to benefit from its Hartford Next cost reduction plan, which has effectively reduced annual operating costs.

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AM Best Affirms Credit Ratings of The Hartford Financial Services Group, Inc. and Subsidiaries AM Best has affirmed the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) and the Long-Term Issue Credit Ratings (Long-Term IR) of The Hartford Financial Services Group, Inc. (The Hartford) (Delaware) [NYSE: HIG], which is the …

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