For the third consecutive year and fourth time overall, HAI Group’s Housing Authority Risk Retention Group, Inc. (HARRG) earned the prestigious Demotech Stakeholder Team Accomplishment Recognition (STAR) Award.
Demotech, an Ohio-based financial analysis firm 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," wrote Barb Albert, executive editor of The Demotech Difference publication, in a letter to HAI Group.
Top achiever in the insurance industry
According to Albert, the 2022 operating results for 2,647 property and casualty insurers were reviewed by Demotech for the 2023 STAR Award. Only 22 insurers met the firm's criteria, including 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 noted. “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 explained that to earn the 2023 STAR Award, HARRG had to demonstrate statutory financial results that satisfied all the company’s stakeholders in 2022, including employees, producers, claimants, regulators, and reinsurers.
Dedication across multiple disciplines
Troy LePage, HAI Group’s chief operating officer, chief financial officer, and treasurer, said that producing financial results that satisfy all stakeholders is a balancing act that takes dedication across multiple disciplines.
“Our team puts in tremendous effort to achieve the delicate equilibrium of serving our members’ and policyholders’ interests while also satisfying the requirements of our diverse partners and regulatory authorities,”’ LePage said. “Receiving this accolade from Demotech, a highly regarded assessor of insurance companies, affirms our successful execution of this balance and is a source of immense pride for us."
HAI Group President and CEO Ed Malaspina said receiving the Demotech STAR Award for the fourth time is a “remarkable testament to the unwavering dedication of the entire HAI Group team.”
“This achievement reflects our commitment to providing top-tier insurance solutions and our continuous pursuit of excellence in serving the public and affordable housing industry,” he said.