--- title: HAI Group's HARRG Among 'Elite Few' Insurers to Earn Demotech Honor description: An HAI Group risk retention group is among a select group of property and casualty insurers nationwide to earn Demotech's 2022 Stakeholder Team Accomplishment Recognition (STAR) Award. image: https://blog.haigroup.com/hubfs/Imported_Blog_Media/MicrosoftTeams-image%20(138).png --- [Skip to content](https://blog.haigroup.com/hai-groups-harrg-among-elite-few-insurers-to-earn-demotech-award#main-content) [![hai-logo-KO-256px](https://blog.haigroup.com/hs-fs/hubfs/hai-logo-KO-256px.png?width=256&height=57&name=hai-logo-KO-256px.png "hai-logo-KO-256px")](https://www.haigroup.com/) - SEARCH # HAI Group's HARRG Among 'Elite Few' Insurers to Earn Demotech Honor ![](https://blog.haigroup.com/hubfs/Imported_Blog_Media/MicrosoftTeams-image%20(138).png) - October 24, 2022 ![Andrew Ragali | Assistant Director, Marketing and Communications | HAI Group](https://blog.haigroup.com/hubfs/Capture-2.jpg) [Andrew Ragali | Assistant Director, Marketing and Communications | HAI Group](https://blog.haigroup.com/author/andrew-ragali) [\< Back to Resource Center](https://blog.haigroup.com) An HAI Group risk retention group is among a select group of property and casualty insurers nationwide to earn Demotech's 2022 Stakeholder Team Accomplishment Recognition (STAR) Award. Demotech, an [Ohio-based financial analysis firm](https://www.demotech.com/) serving the insurance industry, developed the STAR Award in 2013 "to identify and recognize insurers that satisfied all stakeholders, not just a single segment of interested parties," said Barb Albert, executive editor of The Demotech Difference publication, in a letter to HAI Group. ## Among the 'elite few' in the insurance industry According to Albert, the 2021 operating results for 2,650 property and casualty insurers were reviewed by Demotech for the 2022 Star Award. Only 21 insurers met the firm's criteria, including [Housing Authority Risk Retention Group, Inc.](https://www.housingcenter.com/company-descriptions/) (HARRG)—the first insurance company established under HAI Group. "As a STAR Award winner, \[HARRG\] will be recognized as a top achiever in the insurance industry, concurrently sustaining profitability, financial stability, and stakeholder satisfaction," Albert said. "In summary, although meeting or exceeding each of our stakeholder criteria was possible, less than 1 percent of \[property and casualty\] insurance companies did so, and \[HARRG\] was one of the elite few," Albert said. HARRG is a non-profit captive mutual risk retention group incorporated in March 1987. The company provides liability insurance to public housing authorities. Available coverages include general liability, public officials' errors and omissions, employment practices, law enforcement, lead-based paint, employee benefit, auto, hired and non-owned auto, mold, and terrorism. ## Meeting the needs of partners and regulators To earn a 2022 Star Award, HARRG had to demonstrate statutory financial results that satisfied all of the company’s stakeholders in 2021. “Our team works incredibly hard across multiple disciplines to strike the appropriate balance of benefitting our members while simultaneously ensuring we meet the needs of our various partners and regulators,” said HAI Group Chief Financial Officer Troy LePage. “This award from Demotech, a widely respected evaluator of insurance companies, validates that we’ve done so successfully and is something we are certainly very proud of.” Albert said HARRG was above the median in its Demotech company classification system for compensating employees, producers, and claimants. Regulators and consumers also benefited due to HARRG's strong balance sheet and relative financial stability. Finally, HARRG showed profitability in the top third of its company classification system category based on return on net admitted assets. Ed Malaspina, president and CEO of HAI Group, said HARRG employees have gone above and beyond despite the personal and professional challenges in today's world. "Our employees are still coming into the office and doing the work, and they're doing it for the right reasons," he said. "For Demotech to recognize that, it's well deserved and much appreciated. We're very proud to receive this award." AM Best, a global credit rating agency, recently affirmed[HAI Group's Financial Strength Rating (FSR) of 'A' and Issuer Credit Rating (ICR) of 'a+.'](https://blog.haigroup.com/am-best-reaffirmed-hai-groups-excellent-rating-what-does-it-mean) Both ratings are considered 'excellent,' according to AM Best's rating scale. The information presented is for general reference only. HAI Group makes no representation or warranty about the accuracy or applicability of this information for any particular use or circumstance. Your use of this information is at your own discretion and risk. HAI Group and any author or contributor identified herein assume no responsibility for your use of this information. You should consult with your legal, professional or subject matter advisor before implementing any new strategy or policy. HAI Group® is the registered trademark of Housing Authority Risk Retention Group, Inc. and its related companies. For a complete list of HAI Group companies, visit www.haigroup.com. Products or services may not be available in all jurisdictions. Certain property and casualty coverage may be provided by a risk retention group or a surplus lines insurer or by a third party. Risk retention groups and surplus lines insurers do not participate in state guaranty funds and their insureds are not protected by such funds. Don't Miss This ## Related Content [![](https://blog.haigroup.com/hubfs/Imported_Blog_Media/HAI%20Group%20Office-1.jpg)](https://blog.haigroup.com/hai-groups-harrg-earns-third-consecutive-demotech-honor-recognized-as-top-achiever-in-the-insurance-industry) - October 24, 2022 ### [HAI Group's HARRG Earns Third Consecutive Demotech Honor, Recognized as ‘Top Achiever’ in the Insurance Industry](https://blog.haigroup.com/hai-groups-harrg-earns-third-consecutive-demotech-honor-recognized-as-top-achiever-in-the-insurance-industry) October 12, 2023 For the third consecutive year and fourth time overall, HAI Group’s Housing Authority Risk Retention Group, Inc.... 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[Read more](https://blog.haigroup.com/former-intern-spotlight-ariana-parker-hai-group-human-resources-generalist) [![](https://blog.haigroup.com/hubfs/Imported_Blog_Media/Risk%20Champion%20Social%20Graphic%20(1).png)](https://blog.haigroup.com/meet-betty-dye-hai-groups-2020-risk-champion-of-the-year) - October 24, 2022 ### [Meet Betty Dye, HAI Group's 2021 Risk Champion of the Year](https://blog.haigroup.com/meet-betty-dye-hai-groups-2020-risk-champion-of-the-year) February 8, 2022 HAI Group’s board and committee members convene annually to determine the winners of our Risk Management Awards,... [Read more](https://blog.haigroup.com/meet-betty-dye-hai-groups-2020-risk-champion-of-the-year) ![HAI Group](https://blog.haigroup.com/hubfs/raw_assets/public/Thrifty%20child/images/hai-logo-footer.png) - [Online Privacy Policy](https://www.haigroup.com/privacy-policy/) - [California Privacy Rights](https://www.haigroup.com/wp-content/uploads/2024/11/HAI-Group-CA-Privacy-Rights-Notice-1.pdf) - [Terms of Use](https://www.haigroup.com/terms-of-use/) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Andrew Ragali | Assistant Director, Marketing and Communications | HAI Group", "url" : "https://blog.haigroup.com/author/andrew-ragali" }, "dateModified" : "2024-05-22T18:55:38.022Z", "datePublished" : "2022-10-24T04:00:00.000Z", "headline" : "HAI Group's HARRG Among 'Elite Few' Insurers to Earn Demotech Honor", "image" : [ "https://blog.haigroup.com/hubfs/Imported_Blog_Media/MicrosoftTeams-image%20(138).png" ], "mainEntityOfPage" : { "@id" : "https://blog.haigroup.com/hai-groups-harrg-among-elite-few-insurers-to-earn-demotech-award", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://blog.haigroup.com/hubfs/HAIGroup%20PMS2186C%20400X100-300dpi-1.png" }, "name" : "HARRG" } } ```