AM Best Revises Issuer Credit Rating Outlook to Positive for The Hartford Financial Services Group, Inc. and Its Subsidiaries
The Credit Ratings (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 revision of the outlook to positive for the Long-Term ICRs reflects Hartford’s overall return metrics that have been consistent in recent years and compare favorably with peers and to the overall industry, despite macroeconomic pressures and catastrophic events. The organization has reported favorable top and bottom-line growth reflecting rate actions, new product implementation and expense efficiencies in recent years. Furthermore,
The organization’s balance sheet strength assessment reflects its strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), as well as its favorable liquidity and financial flexibility. AM Best notes that the group’s financial leverage and coverage metrics remain well within expectations and that it continues to maintain various liquidity sources through its
The FSR of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) have been affirmed with the outlooks of the Long-Term ICRs revised to positive from stable, while the outlook of the FSR is stable, for the following subsidiaries of The Hartford Financial Services Group, Inc.:
-
Hartford Fire Insurance Company - Hartford Accident and Indemnity Company
-
Hartford Insurance Company of
Illinois - Hartford Casualty Insurance Company
- Hartford Underwriters Insurance Company
- Pacific Insurance Company, Limited
- Twin City Fire Insurance Company
- Nutmeg Insurance Company
- Hartford Insurance Company of the Midwest
- Hartford Insurance Company of the Southeast
- Hartford Life and Accident Insurance Company
-
Property and Casualty Insurance Company of
Hartford - Trumbull Insurance Company
- Sentinel Insurance Company, Ltd.
- Hartford Lloyd’s Insurance Company
- Navigators Insurance Company
- Navigators Specialty Insurance Company
- Maxum Indemnity Company
- Maxum Casualty Insurance Company
The following Long-Term IRs have been affirmed with the outlooks revised to positive from stable:
The Hartford Financial Services Group, Inc. —
-- “a-” (Excellent) on
-- “a-” (Excellent) on
-- “a-” (Excellent) on
-- “a-” (Excellent) on
-- “a-” (Excellent) on
-- “a-” (Excellent) on
-- “a-” (Excellent) on
-- “a-” (Excellent) on
-- “a-” (Excellent) on
-- “bbb” (Good) on
-- “bbb” (Good) on
The following indicative Long-Term IRs on securities available under the shelf registration have been affirmed with the outlooks revised to positive from stable:
The Hartford Financial Services Group, Inc.—
-- “a-” (Excellent) on senior unsecured
-- “bbb+” (Good) on senior subordinated
-- “bbb” (Good) on junior subordinated
-- “bbb” (Good) on preferred stock
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.
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Kate Steffanelli
Associate Director
+1 908 882 2337
kate.steffanelli@ambest.com
Michael Lagomarsino, CFA, FRM
Senior Director
+1 908 882 1993
michael.lagomarsino@ambest.com
Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com
Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com
Source: AM Best