A.M. Best upgrades The Hartford Steam Boiler Group and its members

A.M. Best Co. has upgraded The Hartford Steam Boiler (HSB) Group and its members’ financial strength rating to A++ (Superior) from A+ (Superior).
HSB and its members’ issuer credit ratings were also upgraded to ‘aa+’ from ‘aa-‘.
The outlook for all ratings is stable, an A.M. Best release says.
“HSB’s rating upgrades places it in line with its standalone ratings and recognizes the benefits derived from synergies with its ultimate parent, Munich Reinsurance Company,” the release continues.
“HSB’s relationship with Munich Re has provided access to new markets in continental Europe and refocused the U.S. business on HSB’s core equipment breakdown.”
When compared to the industry average, HSB maintains significantly lower combined ratios. Elevated expense ratios, attributed to HSB’s focus on loss prevention, analysis and risk assessment processes, are mitigated by HSB’s consistently low loss ratios, a result of its comprehensive knowledge of its risk exposures derived from those processes.