Ratings of the credit status for the members of The Hartford Steam Boiler Group maintained by AM Best
In a press release issued by Business Wire, it has been announced that HSB's Financial Strength Rating (FSR) and Long-Term Issuer Credit Rating (ICR) have been affirmed by AM Best. The ratings for The Hartford Steam Boiler Group have a stable outlook.
HSB currently holds a FSR of A++ (Superior) and a Long-Term ICR of "a" (Excellent), as affirmed by AM Best in July 2025. These strong ratings are the result of several key factors.
Firstly, HSB's balance sheet strength is assessed as the strongest by AM Best, reflecting the company's financial resilience. The company's strong balance sheet is supported by a low investment risk profile, with the majority of assets in investment-grade fixed income securities and cash/short-term investments. This conservative asset allocation enhances strong liquidity and favorable operating cash flows, supported by internal credit arrangements.
Secondly, HSB's very strong operating performance is indicative of consistent profitability and operational efficiency. The company's underwriting margins remain favorable despite continued inflationary pressures. HSB's very strong operating performance is supported by consistently excellent profitability metrics.
Thirdly, HSB's favorable business profile shows competitive advantages or market position. The company manages its cyber risk accumulation through a combination of carefully tailored policy forms, cyber risk management services, targeted risk selection strategy, and a sound risk management framework. This has led to significant growth in several business lines, with cyber products seeing the strongest growth for several years.
Fourthly, HSB demonstrates very strong enterprise risk management (ERM) practices. The company actively manages subsidiary risk-adjusted capital to sustain premium growth and maintains a risk-adjusted capitalization at a very strong level, measured by Best’s Capital Adequacy Ratio (BCAR).
Lastly, capital and surplus growth is supported by retained earnings exceeding parent dividends. This active management of subsidiary risk-adjusted capital strengthens HSB's financial position and contributes to its strong ratings.
AM Best is a global credit rating agency, news publisher, and data analytics provider specializing in the insurance industry. Christopher Sharkey, an Associate Director of Public Relations at AM Best, can be contacted at Phone: 1 908 882 2310, Email: [email protected]. For further information, please contact Gregory Dickerson, Director at AM Best, Phone: 1 908 882 1737, Email: [email protected], or Steven M. Chirico, CPA, a Director at AM Best, Phone: 1 908 882 1694, Email: [email protected]. Al Slavin, a Senior Public Relations Specialist at AM Best, can be reached at Phone: 1 908 882 2318, Email: [email protected].
The following members of The Hartford Steam Boiler Group have had their ratings affirmed: The Hartford Steam Boiler Inspection and Insurance Company, The Boiler Inspection and Insurance Company of Canada, HSB Specialty Insurance Company, and HSB Engineering Insurance Limited.
[1] AM Best Rating Services, Inc. (July 2025). [Press Release] The Hartford Steam Boiler Group Affirms Financial Strength Rating (FSR) of A++ (Superior) and Long-Term Issuer Credit Ratings (Long-Term ICR) as "a" (Excellent) with Stable Outlook. Retrieved from https://www.ambest.com/press/pr/p-250714.html
[3] AM Best Rating Services, Inc. (July 2025). The Hartford Steam Boiler Group Affirms Financial Strength Rating (FSR) of A++ (Superior) and Long-Term Issuer Credit Ratings (Long-Term ICR) as "a" (Excellent) with Stable Outlook. Retrieved from https://www.ambest.com/amb-ratings/a-plus/h/hartford_steam_boiler_group_inc/
News about The Hartford Steam Boiler Group's strong financial position has been published by AM Best, who affirmed the company's Financial Strength Rating (FSR) and Long-Term Issuer Credit Rating (ICR) with a stable outlook. HSB's FSR remains at A++ (Superior) and ICR is "a" (Excellent), as a result of the company's strong balance sheet, very strong operating performance, favorable business profile, very strong enterprise risk management practices, and capital and surplus growth.
