Posted at 11:11 a.m., Friday, April 20, 2007
First Insurance of Hawaii gets top financial rating
Advertiser Staff
First Insurance Co. of Hawaii Inc. and its parent company have had its financial strength rating reaffirmed by A.M. Best Co.Best affirmed the "A" (excellent) rating given First of Hawaii Group and its member companies, along with giving the local insurance holding company an issuer credit rating of "a." It said the ratings outlook is stable.
The ratings are a result of the group's strong capitalization, overall strong earnings profile and sound market presence as a leading insurer in Hawai'i, Best said in a news release. The group also benefits from operational and financial support from owners CNA Financial Corp. and Tokio Marine & Nichio Fire Insurance Co.
Best said factors that detract from the posting ratings factors include being a single-state insurer and First of Hawaii's potential exposure to catastrophe losses.
But "management has taken an active role in monitoring its catastrophe exposure and mitigating this risk through disciplined underwriting and extensive reinsurance protection," Best said in the release. "As a result, the group's net catastrophe exposure is reduced to a manageable level."
